{
  "title": "Mongolia: 2023 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, October 4, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108",
  "overlayPath": "/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108/index.md",
  "summary": "The 2023 Article IV Consultation with Mongolia highlights that growth rebounded to 5.0 percent in 2022 and the external position stabilized as a result of China’s reopening, the government’s determined efforts to boost exports, and private sector financing inflows.",
  "sections": [
    {
      "heading": "Growth and external position",
      "content": "- Growth rebounded to 5.0 percent in 2022.\n- External position stabilized driven by:\n  - China’s reopening,\n  - the government’s determined efforts to boost exports,\n  - private sector financing inflows.\n- The procyclical fiscal stimulus from the supplementary budget will lift near term growth and inflation.\n- The growth boost from the stimulus is expected to fade from 2024 onward as higher inflation and external pressures begin to weigh on the non-mining sector."
    },
    {
      "heading": "Fiscal policy, risks, and the need for consolidation",
      "content": "- The supplementary budget’s procyclical stimulus increases macroeconomic stability risks.\n- Fiscal consolidation and adherence to fiscal rules are critical to ensure macroeconomic stability.\n- Recommended consolidation measures include:\n  - contain the wage bill,\n  - prioritize public investment,\n  - increase progressivity in personal income taxes,\n  - introduce means-tested social assistance targeting,\n  - continued improvements in public investment management and tax and customs administration."
    },
    {
      "heading": "External buffers and resilience",
      "content": "- External buffers should be strengthened to build resilience to external shocks."
    },
    {
      "heading": "Medium-term development agenda",
      "content": "- A comprehensive development agenda is needed to reduce medium-term vulnerabilities."
    },
    {
      "heading": "Publication and metadata highlights",
      "content": "- Publication date: October 4, 2023\n- Pages: 109\n- Issue: 348\n- Series: Country Report No. 2023/348\n- DOI: https://doi.org/10.5089/9798400255519.002\n- ISBN: 9798400255519\n- Subjects: Commercial banks; Environment; Financial institutions; Fiscal policy; Inflation; International organization; Monetary policy; Non-renewable resources; Prices; Public debt\n- Keywords: Asia and Pacific; Commercial banks; fund staff; Global; IMF expert; IMF staff calculation; IMF TA; Inflation; market segmentation; Non-renewable resources; swap line\n\nInternational Monetary Fund. Mongolia: 2023 Article IV Consultation-Press Release; and Staff Report (Country Report No. 2023/348), October 4, 2023.\n\n---\n\n Content in this bundle\n\n- 1mngea2023002\n  - 1mngea2023002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mngea2023002 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108/bundle-manifest.json)",
    "Published: October 4, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400255519.002",
    "Growth rebounded to 5.0 percent in 2022.",
    "External position stabilized driven by:",
    "The procyclical fiscal stimulus from the supplementary budget will lift near term growth and inflation.",
    "The growth boost from the stimulus is expected to fade from 2024 onward as higher inflation and external pressures begin to weigh on the non-mining sector.",
    "The supplementary budget’s procyclical stimulus increases macroeconomic stability risks.",
    "Fiscal consolidation and adherence to fiscal rules are critical to ensure macroeconomic stability.",
    "Recommended consolidation measures include:",
    "External buffers should be strengthened to build resilience to external shocks.",
    "A comprehensive development agenda is needed to reduce medium-term vulnerabilities.",
    "Publication date: October 4, 2023",
    "Pages: 109",
    "Issue: 348",
    "Series: Country Report No. 2023/348",
    "DOI: https://doi.org/10.5089/9798400255519.002",
    "ISBN: 9798400255519",
    "Subjects: Commercial banks; Environment; Financial institutions; Fiscal policy; Inflation; International organization; Monetary policy; Non-renewable resources; Prices; Public debt",
    "Keywords: Asia and Pacific; Commercial banks; fund staff; Global; IMF expert; IMF staff calculation; IMF TA; Inflation; market segmentation; Non-renewable resources; swap line",
    "**1mngea2023002**"
  ],
  "related": [
    {
      "title": "1mngea2023002",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2023/english/1mngea2023002.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2023/english/1mngea2023002.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2023/english/1mngea2023002.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108/index.md",
    "json": "/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108/index.json",
    "bundleManifest": "/en/publications/cr/issues/2023/10/04/mongolia-2023-article-iv-consultation-press-release-and-staff-report-540108/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-11T21:47:27.412Z"
}