Mongolian economy 125 freest in the 2018 Index

B.Chimeg GoGo.mn

2018-02-06 09:05 GMT+8

Promoting Economic Opportunity, Individual Empowerment & Prosperity

For over two decades, the Index of Economic Freedom has measured the impact of liberty and free markets around the globe, and the 2018 Index confirms the formidable positive relationship between economic freedom and progress.

Mongolia’s economic freedom score is 55.7, making its economy the 125th freest in the 2018 Index. Its overall score has increased by 0.9 point, with improvements in monetary freedom, fiscal health, and judicial effectiveness outweighing declines in the government integrity, labor freedom, and government spending indicators. Mongolia is ranked 27th among 43 countries in the Asia–Pacific region, and its overall score is below the regional and world averages.

After the collapse of the Soviet Union, landlocked Mongolia undertook market reforms and extensively privatized its formerly state-run economy. Foreign direct investments to extract its substantial mineral resources transformed the economy.

The current government has tried to restore investor confidence but has failed to invigorate the economy in the face of the large drop-off in FDI, mounting external debt, and a sizeable budget deficit. Weak rule of law and lingering corruption are additional drags on the economy.

Source: heritage.com

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