This country went from boom to economic nightmare in 5 years

This economy is getting slammed by China’s slowdown

In 2011, Mongolia’s economy grew by 17% and attracted billions of dollars in foreign investment. Now, the country is facing a debt crisis and possible default.

Mongolia’s currency is in steep decline, plummeting 10% against the dollar over the past month. The central bank has tried to stop the bleeding by hiking interest rates by 4.5 percentage points to 15%, but its efforts have fallen short.

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