The World Competitiveness Center based in Lausanne; Switzerland presented the “Global Competitiveness Report 2022”. The Economic Policy and Competitiveness Research Center (EPCRC) of Mongolia is the organization’s official partner in Mongolia, and together with sending the information on Mongolia every year, it also cooperates with identifying the challenges and difficulties faced within that year.
The “Global Competitiveness Report” has been published continuously since 1989, and the competitiveness of 63 countries is measured by comparing 333 indicators of four main factors: Economic Strength, Governance Efficiency, Business Organization Profitability, and Infrastructure. This report is unique in that it is the most comprehensive and detailed study. Mongolia has been included in the Report since 2015.
On June 30, 2022, the Economic Policy and Competitiveness Research Center presented the results of the “Global Competitiveness Report 2022”. Mongolia’s competitiveness has been decreasing year on year. According to the results of this year’s research, Mongolia is ranked 61st out of 63 selected comparable countries. This is 1 order back from the previous year.
The overall competitiveness score dropped from 40 last year to 36.2 in 2022. According to the Economic Policy and Competitiveness Research Center, the main problems facing Mongolia are 1) Inflation, 2) Exchange rate increase or MNT depreciation, 3) Export and import limitations, 4) Social problems such as poverty and unemployment, 5) Decline in the economic growth.
Tsagaan Punsag, Chairman of the Board of Directors of EPCRC:
Mongolia may be likened to a stubborn horse. Governments in other countries are making progress analyzing the competitiveness report and taking the necessary measures. For example, Denmark ranked 15th in terms of competitiveness 20 years ago, but according to this year’s report, it is ranked the first. Mongolia’s economy grew by 16.17 percent 10 years ago, but it has declined since 2013. Our reports measure the results of policies and operations. Stable security and a business environment are needed for the development of the country. And most importantly, officials and officers in government positions – at all levels, should keep these reports at their desks as a reference guide to find their flaws and better their judgement in taking the necessary measures.