Mongolia is going to be the second fastest growing economy in the world with a staggering 13.5% of GDP rise in 2013, according to the latest estimates of Economist Intelligence Unit (EIU). EIU is an independent business within The Economist Group, a multinational media company headquartered in London, United Kingdom, specializing in international business and world affairs information. Among other products, it publishes the highly respected Economist magazine.
As stated in the report, China’s demand for Mongolia’s minerals has sharply increased foreign direct investment into this country. The most significant project in Mongolia is Oyu Tolgoi, considered as one of the world’s largest copper and gold mines. A strategic partnership between the Government of Mongolia and Rio Tinto, Oyu Tolgoi is scheduled to begin the commercial production in 2013, boosting the economy, and providing employment to thousands.
Interestingly, the top performer Macau, as predicted by EIU, will enjoy its growth thanks to China too. Casinos of Macau, the country’s main economic engine, will be filled by Chinese gamblers in 2013.
China itself is set to grow by over 8% this year, and potentially more, depending on how the rest of the world fares. Meanwhile, Europe will still be struggling, with Greece leading the decline, as informed by the Economist group study.