World Competitiveness Ranking 2019 introducedEconomy
Ulaanbaatar/MONTSAME/. On June 3, Economic Policy and Competitiveness Research Center introduced IMD World Competitiveness ranking 2019.
This year, Singapore, Hong Kong and the USA topped the ranking. Mongolia is ranked at 62nd, remaining unchanged from previous year’s ranking.
Mongolia’s consumer price index or inflation, living cost and rental costs of apartments and offices ranked lower as compared with that of other countries, reported I.Odonchimeg, deputy director of EPCRC.
In the economic performance category, one of four basic categories, Mongolia is ranked at 58th. Last year, it stood at 48th in the same category. The decline of Mongolia’s competitiveness score was mainly influenced by the worsening indications of current account, transparency and pension fund, alongside weakness of employment, business law, health, environment and educational index.
About challenges that Mongolia is likely to meet in 2019 and 2020, I.Odonchimeg said, “For our country, soil and air pollution of urban area harms socio-economy and human health. This is the hardest challenge. On the other side, Mongolia will start repaying its foreign debts from next year, which will probably jeopardize the country’s economic growth.”
Since 2010, The EPCRC, in cooperation with the World Competitiveness Center, has been publishing Mongolia in World Competitiveness Report.