OGResearch Macro Portal Newsletter -- May 2026

‍Mongolia

• Mining sector expansion will keep GDP growth robust over the forecast horizon
• The Tugrik will gradually return to a depreciation path as import demand rises
• Supply shocks and fiscal-driven demand pressures will keep inflation high

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Tajikistan

• Growth will gradually decelerate as remittance inflows fade
• The somoni will depreciate as foreign inflows weaken due to Russian economy slowdown
• Higher energy prices and strong demand will push inflation above temporarily

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Read the forecasts in detail on our Macro Portal.

‍-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------Forecast updates in May:

• Azerbaijan
• Ukraine

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