Mongolia will be the world’s second-fastest growing economy this year, according to a forecast by the Economist Intelligence Unit (EIU).

The EIU’s “World in 2012” report predicts Mongolia’s economy will grow by 14.8 percent in 2012, just behind Macau, which is predicted to grow by 15 percent.

Next in the ranking come two oil-rich states bouncing back from years of war and internal conflicts: Libya (up 13.6 percent) and Iraq (10.9 percent).

In more good news for Mongolia, the EIU expects China to grow by a healthy 8.2 percent this year, although the EIU is worried about the country’s growing debt.