Mongolia’s economic activity slumps in November
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Sales managers index hit the lowest in last 32 months
According to World Economics, the global authority on economic data, Mongolia’s economic activity has fallen sharply in November. The sales managers index, which indicates business activity, hit the lowest in last 32 months.The business confidence index, which provides information on future developments, based upon opinion surveys on developments in production, orders, and stocks of finished goods in the industry sector, fell to the lowest level of 11 months. The sales growth index has reached the 12-month low and the market growth index has slipped to a nine-month low, according to World Economics data. World Economics is the global authority which is dedicated to reducing the risks involved in Business, Financial and Government decisions that use what is arguably the most important information in the world.As reported earlier, Mongolia was included in the Financial Action Task Force (FATF)’s Grey List in mid-October. To get out of Grey list next year, private entities should pay attention to what they need to do next year, said Adiya Oyungerel, Executive Director of AmCham Mongolia. Thus, the international rating agency S&P announced last week that it left Mongolia’s credit rating at B.Despite stable economic growth and fiscal outlook, Mongolia’s debt crisis is high and the bond repayments are pending; the 2020 election and dependency on commodity prices were named as the major risks to the country.