Mongolia at a crossroad as boom brings challenges | Bangkok Post: business

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Mongolia at a crossroad as boom brings challenges

  • Published: | Viewed: 4,207 | Comments: 0
  • Newspaper section: Asia focus
  • Writer: Jacopo Dettoni
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Workers covered from head to toe check in early at the construction sites in downtown Ulan Bator, just a few blocks away from Mongolia’s parliament. Cranes still work unceasingly all day long as construction companies make the most out of unexpectedly “mild” winter weeks — temperatures have rarely fallen below -20 degrees Celsius so far. 

Dozens of office buildings are being erected at quick pace, while residential developments featuring fancy colours and rococo terraces are rising just across the road.

Ulan Bator’s construction boom is adding new momentum to the country’s economic growth. The government is flooding the economy with cheap mortgages to weather a slowdown in the mining sector, and construction entrepreneurs are rubbing their hands with glee.

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