OGResearch Macro Portal Newsletter -- December 2020


December 31, 2020

December forecast highlights:


  • The economy has been resilient to the pandemic and political upheaval so far
  • Prospects for foreign investment and other inflows have worsened
  • Country's dependence on Russia will increase


  • The economy contracted sharply in 2020 and will rebound mildly in 2021
  • Buffers against adverse shocks remain low given high upcoming debt service
  • Oyu Tolgoi mine remains the key long-term growth driver

Forecast schedule:

December full updates:

  • Belarus
  • Mongolia

Coming in January:

  • Kazakhstan - Jan 18
  • Armenia - Jan 18