Index of Economic Freedom World Rankings:Mongolia-94
Mongolia’s economic freedom score is 59.5, making its economy the 94th freest in the 2011 Index. Its overall score is 0.5 point lower than last year, mainly reflecting reduced scores for government spending and freedom from corruption. Mongolia is ranked 16th out of 41 countries in the Asia–Pacific region, and its overall score is above the regional average.
Economic reforms in recent years have supported economic expansion and poverty reduction. Mongolia’s developing entrepreneurial sector has benefited from increased access to financing following banking reforms. Flexible labor regulations, competitive tax rates, and an open trade regime also promote the growth of a vibrant private sector.
Recent years’ economic achievements provide valuable momentum, but critical reforms are still necessary for long-term economic development. The regulatory framework governing investment remains opaque and is still evolving, injecting uncertainty into investment decisions. The weak rule of law and lingering corruption are additional drags on dynamic entrepreneurship. Accelerating reforms in these key areas, along with continued efforts to streamline public administration, will help to sustain economic growth and broaden improvement in living standards.
Economic reforms in recent years have supported economic expansion and poverty reduction. Mongolia’s developing entrepreneurial sector has benefited from increased access to financing following banking reforms. Flexible labor regulations, competitive tax rates, and an open trade regime also promote the growth of a vibrant private sector.
Recent years’ economic achievements provide valuable momentum, but critical reforms are still necessary for long-term economic development. The regulatory framework governing investment remains opaque and is still evolving, injecting uncertainty into investment decisions. The weak rule of law and lingering corruption are additional drags on dynamic entrepreneurship. Accelerating reforms in these key areas, along with continued efforts to streamline public administration, will help to sustain economic growth and broaden improvement in living standards.
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