Mongolia to double per capita GDP in one year
Interview with Vice Minister of Finance Ganhuyag Chuluun Hutagt at CNBC. The Vice Minister said that they want to reach $5000 per capita GDP by end of 2012, from $2470 currently.
That would be quite the growth record. I recall this earlier Tweet by him where he explains that some of that is expected to come from appreciation of the Mongolian currency tögrög against the dollar. Wikipedia tells us that in 2010 the tögrög was the best performing currency world wide. The markets seem to like the idea of double GDP in less than two years. Anyway, if that proves to be right, that would be rather impressive.
Ganhuyag also remarked that Mongolia runs a budget surplus right now but still wants to issue its first sovereign debt this year, so as to finance infrastructure projects as airports and roads.
A rather interesting speech by him was also just posted, where he talks about what he calls the “wolf economy”. The Japanese or Germans would be lucky to come up with an equally powerful symbol for their country.
Source : Lenz Blog
That would be quite the growth record. I recall this earlier Tweet by him where he explains that some of that is expected to come from appreciation of the Mongolian currency tögrög against the dollar. Wikipedia tells us that in 2010 the tögrög was the best performing currency world wide. The markets seem to like the idea of double GDP in less than two years. Anyway, if that proves to be right, that would be rather impressive.
Ganhuyag also remarked that Mongolia runs a budget surplus right now but still wants to issue its first sovereign debt this year, so as to finance infrastructure projects as airports and roads.
A rather interesting speech by him was also just posted, where he talks about what he calls the “wolf economy”. The Japanese or Germans would be lucky to come up with an equally powerful symbol for their country.
Source : Lenz Blog
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