Prolonged border closures disrupt supply chains, drive up inflation and hammer exports. Mongolia, dependent on China for 60% of its economy, remains at the mercy of Beijing’s coronavirus directives.
Bloc’s giant investment offer may appeal to countries worried by Chinese “debt-trap diplomacy”. Beijing warns against geopoliticising infrastructure.
Mongolia, which once hoped it might avoid a major coronavirus outbreak altogether, has endured prolonged phases of the pandemic. But the data show light at the end of the tunnel.
Plans to further boost the non-extractive sector and make the country’s economy greener are priorities, development bank’s country head Hannes Takacs tells bne IntelliNews.
A mix of modernisation and holding on to the old ways causes many dilemmas such as a shortage of female partners for marriage on the steppes—while the girls head for the city to get educated and do not return, the boys stay behind to herd.