This time last year the economy was suffering badly because of the China Covid-Zero policy which greatly restricted exports of coal and copper. The country’s financial position was nearing critical, and investors feared default.
Will resource nationalism return and disrupt?
Growth declined in 2019. Despite the surge in coal exports to China last year, GDP growth dropped to 5.1% for the year, from 6.9% in 2018 and 8.6% in 1Q19. Delays with the Oyu Tolgoi expansion and problems in other sectors, such as agriculture, balanced out the coal growth.