[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108879-en":3,"doc-seo-108879-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},108879,962075114765,"Quinn","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","Mines & Minds - Leveraging Natural Wealth to Invest in People and Institutions - Mongolia Country Economic Memorandum - September 2020","Mines & Minds examines how Mongolia’s heavy reliance on extractives affects macroeconomic stability, productivity growth, and the expansion of endowments. The memorandum analyzes volatility drivers, the amplification role of macroeconomic policies, and the procyclicality trap that weakens outcomes during booms and busts. It then focuses on constraints to innovation and productivity, and proposes policy priorities to escape natural-capital overreliance through more diversified and resilient institutional and human-capital investment.","Public Disclosure Authorized Public Disc losure Authorized Public Disclosure Authorized  \nMINES & MINDS  \nLEVERAGING NATURAL WEALTH TO INVEST IN PEOPLE AND INSTITUTIONS  \nPub lic Disc losure Authorized  \nMONGOLIA COUNTRY ECONOMIC MEMORANDUM SEPTEMBER 2020  \nMINES & MINDS  \nLEVERAGING NATURAL WEALTH TO INVEST IN PEOPLE AND INSTITUTIONS  \nMONGOLIA COUNTRY ECONOMIC MEMORANDUM SEPTEMBER 2020  \n© 2020 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433  \nTelephone: 202-473-1000; [Internet: www.worldbank.org](Internet: www.worldbank.org)  \nThis workisa product of the staff of the World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of the World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries.  \nNothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved.  \n ii  COUNTRY ECONOMIC MEMORANDUM 2020  \nTABLE OF CONTENTS  \nACKNOWLEDGMENTS vi  \nABBREVIATIONS vii  \nI. OVERVIEW 1  \nI.1 Prosper now, stagnate later? 2  \nI.2 An organizing framework 9  \nI.3 Three pillars: stability, productivity, and diversity (of endowments) 10  \nII. SEEKING STABILITY 15  \nII.1 Volatility is the norm not the exception 16  \nII.2 Macroeconomic policies amplify rather than dampen volatility 19  \nII.3 Policy priorities-Escaping from the procyclicality trap 23  \nIII. BOOSTING PRODUCTIVITY GROWTH 33  \nIII.1 An environment marked by weak productivity growth and declining innovation 34  \nIII.2 Constraints to productivity growth 40  \nIII.3 Policy priorities-Addressing constraints to lift productivity growth 44  \nIV. EXPANDING ENDOWMENTS 47  \nIV.1 Mongolia over relies on mines and underutilizes its minds 48  \nIV.2 Explaining Mongolia’s limited progress in expanding its endowments 51  \nIV.3 Policy priorities-Escaping the natural capital overreliance trap 57  \nAnnex 1. The conceptual framework 68  \nReferences 70  \nBOXES  \nBox 2.1 Cost of macroeconomic volatility 16  \nBox 2.2 Peru’s fiscal rules-Lessons for Mongolia 24  \nBox 2.3 International practices suggest independence is a key condition 27  \nBox 2.4 Sovereign wealth funds as effective instruments 28  \nBox 2.5 Model simulation of partial saving rule of mining revenue 29  \nBox 2.6 Independence and governance of the central bank 32  \nBox 3.1 Factors leading to innovation in Mongolian firms 38  \nBox 3.2 Innovations of large firms 46  \nBox 4.1 Mongolia’s comparative advantage 50  \nBox 4.2 OECD and World Economic Forum directives to improve learning and competencies 59  \nBox 4.3 Gender Responsive Budgeting and female labor participation 60  \nBox 4.4 Mongolia can learn from the Malaysian experience of attracting talent 61  \nBox 4.5 Industrial policy-Pros and cons 64  \nBox 4.6 Meat exports offer significant potential 66  \niii  \nFIGURES  \nFigure 1.1 Rising importance of extractives in Mongolia’s economy 4  \nFigure 1.2 Mongolia’s resource rents have increased in recent years and exceed its peers 4  \nFigure 1.3 The positive side of Mongolia’s mining-led development 4  \nFigure 1.4 Mongolia has underperformed all its peers in the use of human capital… 6  \nFigure 1.5 …and its institutional quality has deteriorated in recent decades 6  \nFigure 1.6 Out of every dollar of mineral output, Mongolia has consumed 99 cents and savedone cent 6  \nFigure 1.7 How mineral revenues were spent (% of GDP), 1998–2019 7  \nFigure 1.8 Gross contributions to the Stabilization Fund and Future Heritage Funds have significantly increased in recent years (% of GDP)… 8  \nFigure 1.","cbCaioCc3TY7l6h1","https://ap.wps.com/l/cbCaioCc3TY7l6h1","pdf",16209194,4,1,84,"English","en",105,"# Overview\n## Prosper now, stagnate later?\n## An organizing framework\n## Three pillars: stability, productivity, and diversity (of endowments)\n# Seeking Stability\n## Volatility is the norm not the exception\n## Macroeconomic policies amplify rather than dampen volatility\n## Policy priorities-Escaping from the procyclicality trap\n# Boosting Productivity Growth\n## An environment marked by weak productivity growth and declining innovation\n## Constraints to productivity growth\n## Policy priorities-Addressing constraints to lift productivity growth\n# Expanding Endowments\n## Mongolia over relies on mines and underutilizes its minds\n## Explaining Mongolia’s limited progress in expanding its endowments\n## Policy priorities-Escaping the natural capital overreliance trap\n# Annex and References\n## The conceptual framework\n## References","[{\"question\":\"What is the report’s main organizing framework for Mongolia’s economic challenges?\",\"answer\":\"The report organizes the analysis around three pillars: stability, productivity, and diversity of endowments, linking Mongolia’s extractives dependence to outcomes across these areas.\"},{\"question\":\"Why does the report emphasize macroeconomic procyclicality in Mongolia?\",\"answer\":\"It argues that macroeconomic policies amplify volatility rather than dampen it, trapping policy responses in a procyclical pattern during booms and busts.\"},{\"question\":\"How does the report propose addressing endowment expansion in Mongolia?\",\"answer\":\"It focuses on escaping the natural-capital overreliance trap by reframing how mining revenues and broader national resources are used to build more diversified endowments, including human capital and stronger institutions.\"}]","Mines & Minds - Leveraging Natural Wealth to Invest in People and Institutions - Mongolia Country Economic Memorandum - September 2020 | PDF",1784474611,212,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":29},"mines-minds-leveraging-natural-wealth-to-invest-in-people-and-institutions-mongolia-country-economic-memorandum-september-2020","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":20},"https://docshare.wps.com/document/mines-minds-leveraging-natural-wealth-to-invest-in-people-and-institutions-mongolia-country-economic-memorandum-september-2020/108879/",{"url":53,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What is the report’s main organizing framework for Mongolia’s economic challenges?","Question",{"text":76,"@type":77},"The report organizes the analysis around three pillars: stability, productivity, and diversity of endowments, linking Mongolia’s extractives dependence to outcomes across these areas.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why does the report emphasize macroeconomic procyclicality in Mongolia?",{"text":81,"@type":77},"It argues that macroeconomic policies amplify volatility rather than dampen it, trapping policy responses in a procyclical pattern during booms and busts.",{"name":83,"@type":74,"acceptedAnswer":84},"How does the report propose addressing endowment expansion in Mongolia?",{"text":85,"@type":77},"It focuses on escaping the natural-capital overreliance trap by reframing how mining revenues and broader national resources are used to build more diversified endowments, including human capital and stronger institutions.","https://schema.org",{"og:url":53,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":107,"slug":139},19,"General","general"]