Mongolia 2018 Q3 Update

Key updates

  • Strong growth of 6.3% for the first half of 2018

  • Official visit of the Prime Minister of Mongolia to the United States, developing Mongolia-US relations and cooperation

  • Joint declaration between the Government of Mongolia and the Millennium Challenge Corporation (MCC) of the US on 350 million USD Second Compact to address Ulaanbaatar’s water supply

  • Credit rating agencies’ optimistic upgrades on Mongolia’s outlook

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Balancing the books: S&P upgrades Mongolian sovereign credit rating

Standard & Poor’s upgraded their rating for Mongolian sovereign debt from ‘B-’ to ‘B’ with a stable outlook. The news echoes wider confidence that IMF-led reforms and stronger commodity prices have put government finances back on an even keel. S&P is the third ratings agency this year to upgrade their Mongolia outlook, behind Moody’s and Fitch.

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Asian Development Bank revises Mongolia growth outlook for 2018

The Asian Development Bank (ADB) has revised their projected growth statistics for Mongolia in 2018 and 2019. The forecast for this year was raised to 6.4%, significantly higher than the previous estimate of 3.8%. This momentum is expected to continue into 2019, with the ADB upping their forecast from 4.3% to 6.1%. The announcement underscores growing investor confidence in the country, and echoes a wider consensus that an economic rebound is firmly underway.

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