ML-Implode News - The Land of Genghis Khan Is Having an Epic Economic Meltdown

Mongolia, a mineral-rich and landlocked $12 billion economy bordering Russia and China, is staring at a full-blown balance of payments crisis. It's caused barely a ripple in global financial markets, but the nation's economic meltdown offers instructive lessons to far bigger resource-reliant economies like Brazil, Venezuela, Russia and Saudi Arabia.Â
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Stoked by a booming Chinese economy and brisk foreign direct investment flows, Mongolia was one of the fastest-growing economies in the decade that ended in 2015. Its economy clocked in with an average real GDP growth rate of 8 percent, while per capita income surged to about $4,000.
It all went bad when China's growth throttled back from double-digit levels in 2011, just as a coalition government led by Altankhuyag Norov went on a debt-fueled spending binge.
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"It seems unlikely that the country will be able to avert the need to restructure its debts or seek a bailout from the IMF," said Renata Lagierska, a senior associate at a Alaco, a London-based business intelligence consultancy.

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The Land of Genghis Khan Is Having an Epic Economic Meltdown