Mongolia 2015 — The Year of Renewal
Mongolia has experienced an extremely testing 12 months. The country has seen further decline in Foreign Direct Investment (“FDI”), a significant drop in global commodity prices worldwide and the bursting of the real estate bubble.
These factors have merged to cause a severe decline in economic conditions, leading many commentators to conclude that this will be the make or break year for the country, particularly before political posturing takes control of the national agenda in the run up to parliamentary elections scheduled for the summer of 2016.
However, developments on both the political and economic fronts during the final months of 2014 gave grounds for some optimism. Most notable were the establishment of a new multi-party unity coalition government and the long awaited tender award for the TavanTolgoi coking coal mine development.