Mongolia’s Fiscal Stress Test
- Mongolia Weekly
- May 22
- 3 min read
An economic slowdown exposes the cracks in the country’s mega-project finance strategy.
Mongolia’s government is finding out the hard way that development ambitions don’t insulate a country from fiscal gravity. The first quarter of 2025 delivered a reality check: GDP growth slowed sharply to 2.4%, down from 7.9% the same period last year.
The mining sector, long the locomotive of the economy, barely moved the needle. Coal exports, the largest foreign exchange earner, fell both in volume and value.
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