Mongolia ranked 61st out of 63 countries in World Competitiveness RankingEconomy
Ulaanbaatar /MONTSAME/ The Swiss-based IMD World Competitiveness Center has released “World Competitiveness Annual Report 2020.” According to the report, Mongolia has been ranked 61st out of 63 selected countries. In particular, Mongolia was listed at 59th by economic performance, 53rd by government efficiency, 57th by business efficiency and 62nd by infrastructure respectively.
For Mongolia, “Government efficiency” has been relatively upgraded compared with previous years while competitiveness of infrastructure and economic performance have gone down.
As of 2019, Mongolia was ranked 4th by real GDP growth, 4th by attracting and retaining talents, 7th by unemployment rate-gender ratio, 11th by consumption tax rate, 15th by real personal taxes, however it was ranked 63rd by export concentration, 61st by credit rating, 61st by political instability, 60th by tariff barrier and 63rd by collected personal income tax. Even though Mongolia’s main indicators on business efficiency and energy infrastructure development have been improved compared to results of the previous year, it showed unsatisfactory results on registration and protection of intellectual property and introduction, naturalization and use of high tech in production.
Since 2010, the Economic Policy and Competitiveness Research Center has been the official Mongolian partner of the IMD World Competitiveness Center, providing them with data and analysis to help identify Mongolia’s economic strength, weakness and areas for improvement. The data is comprehensive, comparing Mongolia’s performance to 60 countries, against over 330 criteria, and provides key information for decision makers.
Challenges and barriers encountering in 2020:
• Since some companies decided to halt its operation or cut the number of its employees due to COVID-19 pandemic, unemployment rate is likely to be increased sharply.
• Economic and financial difficulties related to non-performing loan and government debt may slow down the economic growth
• Border quarantine, import restriction imposed due to the pandemic and price growth may adversely impact to economic growth
• Stress caused by COVID-19 pandemic and economic difficulties may adversely impact to social and family psychology and psychological stability
• Political uncertainty and populism ahead of 2020 Parliamentary and local elections are likely to take place in the society.