When China sneezes, the Mongolian economy catches a cold

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By Antonio Graceffo in Ulaanbaatar US manufacturing orders in China have declined by 40% and many Chinese factories have already shut down for the lunar new year. Rising interest rates in the US are, meanwhile, contributing to the slowdown in China. It all spells trouble for Mongolia. That’s right: when China sneezes, Mongolia’s economy catches a cold. China purchases more than 80% of Mongolia’s exports, mostly raw materials such as coal and metals. Its demand for these raw materials accounts for more than 40% of Mongolia’s economy. With Beijing’s “Zero-covid” curbs, inflation, increased gasol…

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