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Country Risk

Mongolia is a developing nation, which carries several risks for investors due to factors such as geopolitical, economic, and financial market influences.

The following list presents the top five risks for Mongolia surveyed by the World Economic Forum’s 2022 Executive Opinion Survey, which was administered between April and September 2022. Leaders answered the following questions: “What five risks will pose a critical threat to your country in the next two years?” and were asked to select these from a list of risks.

In addition to the World Economic Forum, international organizations working with Mongolia such as the International Monetary Fund, the Asian Development Bank, the World Bank Group, and leading credit ratings agencies including Moody’s, Standard and Poor’s, and Fitch Ratings regularly analyzes risks to Mongolia’s business environment.

The Financial Stability Council regularly identifies medium-term economic risks in Mongolia. Established in 2007, the council is comprised of the Governor of the Bank of Mongolia, the Minister of Finance, the Chairman of the Financial Regulatory Commission, and the CEO of the Deposit Insurance Corporation. Its mission to address, control, and reduce systemic risks and coordinate the efforts of its member organizations to maintain the stability of Mongolia’s financial system. The council has established the “Financial Stability Report” annually since 2012, determining the medium-term economic risks facing Mongolia.

According to the Financial Stability Council, there are external risks affecting Mongolia’s economy, such as China’s “Covid-Zero” policy, the Ukraine war, and the weaking of international financial markets, which are posing significant challenges to economies worldwide. Mongolia is particularly vulnerable due to the border closures of its only two neighboring countries, which constitutes the largest risk to its economy.

This section highlights the medium- and long-term risks facing Mongolia based on research and reviews by international organizations, local experts, and political and social researchers.

Based on the research and reviews of international organizations, local experts, and political and social researchers, this section highlights the medium and long-term risks facing Mongolia. It includes:


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