World Bank Country Manager talks of Mongolia’s economic future

Arshad M. Sayed of the World Bank is leaving Mongolia soon after four years as Country Manager and Resident Representative. In what may well be his last public address here, the Indian-born economist who has worked closely with the Mongolian Government to help it tide over the economic crisis, told a selected audience at the Central Bank auditorium on Thursday that it was certainly possible for Mongolia to turn the present crisis into an opportunity but nothing can be achieved soon or without taking hard decisions. His lecture was entitled “Mongolia’s Economic Growth: What’s Next?”

Sayed said Mongolia’s future would depend on its Government sticking to “a policy of sustainable and equitable growth based on the future rise in mining revenue”. He warned that instead of nurturing and encouraging “expectations far ahead of reality”, the Government and the people should settle for an informed social compact that would accept “hard decisions in uneasy times”.

Recalling that his first public address in Ulaanbaatar, in October 2006, was entitled “Mineral Resources: Blessing or Curse?”, Sayed said four years and a global crisis later he was still in no position to give a definitive answer, and was not even sure if there was one. Mongolia’s medium-term growth outlook is very favourable, but the upcoming mining boom is likely to lead to significant structural shifts. Withdrawal of the windfall profit tax means the Government will lose revenue equivalent to 5 per cent of the GDP, and this can be cushioned only with fiscal consolidation. Mining booms are inevitably followed by busts, and a social safety net has to be put in place so that the poor are permanently protected. The banking sector must be reformed and infrastructure needs addressed.

Sayed read out a poem he had written as his fareweel thoughts on Mongolia. It endd with the following words: “Do not pity, /or worry,/ or shed tears/ or rush in judgement/ For I am Mongolia/ and I have a date with destiny.”


Post a Comment

Facebook page

Powered by Blogger.


Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Israel Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Kyrgyzstan Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and US Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive