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Mongolia Economic Update : From Relief to Recovery (English)

Strict implementation of social distancing, mobility restrictions, and quarantine measures have helped Mongolia contain the worst health effects of the Coronavirus (COVID-19) pandemic, though the country remains in the midst of a significant outbreak. The economic impact of the Coronavirus (COVID-19) pandemic has been severe and widespread. The Coronavirus (COVID-19) shock also affected the structure and conditions of the labor market. Mongolia, like other countries, will need to transition from policies focused on short-term economic relief to accelerating recovery and building resilience. The challenge Mongolia faces in this regard is that the fiscal space to continue the generous support policies enacted during 2020 is quite limited, while their rapid withdrawal as long as the economy remains weakened by public-health-related mobility restrictions could create significant difficulties for households and firms. Another priority is to prevent the Coronavirus (COVID-19) shock from undermining financial stability. Finally, Mongolia should adopt an integrated and fiscally sustainable approach to boosting medium-term economic prospects and job creation.

Details

  • Author

    Nganou,Jean-Pascal, Batsuuri,Davaadalai, Batmunkh,Undral, Shrestha,Maheshwor, Uochi,Ikuko

  • Document Date

    2021/02/01

  • Document Type

    Report

  • Report Number

    156534

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2021/02/09

  • Disclosure Status

    Disclosed

  • Doc Name

    Mongolia Economic Update : From Relief to Recovery

  • Keywords

    level of foreign exchange reserve; labor force survey; small and medium size enterprise; impact of policy responses; corporate governance of bank; Below the Poverty Line; foreign direct investment; current account balance; lower oil price; current account surplus; per capita consumption; export of goods; polymerase chain reaction; mobility of people; IS Building; bank balance sheet; impacts on employment; banking sector liquidity; impact on poverty; negative income shock; combination of factor; reallocation of resource; investments in infrastructure; source of financing; perceptions of risk; central bank liability; public transportation service; loan loss provision; social welfare spending; sustainable income opportunity; source of income; quality of bank; source income; poverty headcount rate; labor market condition; demand for transportation; national poverty line; number of tourists; activities of school; commodity price forecast; capital goods import; risk of infection; financial market participant; domestic economic activity; financial sector stability; external affairs; balance of payment; fiscal relief; regulatory forbearance; monetary policy; exchange rate; Exchange Rates; domestic demand; credit growth; external pressure; income support; household income; currency mismatch; banking system; household consumption; macroeconomic indicator; agriculture sector; real gdp; loan quality; precautionary measure; social distance; educational activities; fiscal imbalance; border closure; Social Protection; charter flight; community activity; external position; international reserve; real import; fiscal balance; domestic credit; unemployment rate; import compression; budget deficit; net export; recent months; labor income; private consumption; public consumption; government revenue; Mining; fiscal response; recreational activity; health effect; participation rate; mineral export; external environment; online service; employment increase; truck driver; socioeconomic impact; domestic investment; truck transport; relief measure; consumption sector; government fiscal; investor confidence; excessive forbearance; export ban; related shock; project financing; monetary condition; financial instability; service contract; ownership structure; factor price; government consumption; essential services; deposit dollarization; asset quality; sector output; market price; direct transfer; excess liquidity; weak demand; passenger travel; core inflation; tourism tourism; in work; percent change; lower demand; macroprudential regulation; policy stance; spot rate; poverty incidence; bank's assets; cultural activities; travel restriction; domestic transmission; capital account; retail trade; private spending; economic crisis; truck transportation; job protection; subsidiary right; reduced work; preventive measure; vocational center; delivery service; production center; household labor; firm-level survey; applicable law; real export; government restriction; country forecast; transmission channel; support measure; private service; debt level; carry passenger; recent history; downside risk; informal sector; debt accumulation; income loss; welfare distribution; urban worker; Tax Exemption; external shock; public authority; possible loss; corporate loan; consumer goods; private investment; export demand; trade sector; domestic policies; Fiscal Expansion; financial crisis; school closure; austerity measures; global development; bonds mature; macroeconomic control; economic shock; support policy; fiscal space; Job Creation; increased spending; Financial Stability; fiscal pressure; passenger transportation; government response; real sector; nonperforming loan; fiscally sustainable; debt datum; human capital; executive board; consumption growth; fiscal surplus; average welfare; poverty status; government spending; productivity job; fiscal consolidation; economic sector; risk aversion; welfare change; global demand; Cash Transfer

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Citation

Nganou,Jean-Pascal Batsuuri,Davaadalai Batmunkh,Undral Shrestha,Maheshwor Uochi,Ikuko

Mongolia Economic Update : From Relief to Recovery (English). Mongolia Economic Update Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/158131612895925383/Mongolia-Economic-Update-From-Relief-to-Recovery