Because of a boom in the mining sector, Mongolia had high growth rates in 2007 and 2008 (9.9% and 8.9%, respectively). In 2009, sharp drops in commodity prices and the effects of the global financial crisis caused the local currency to drop 40% against the U.S. dollar. Two of the 16 commercial banks were taken into receivership. In 2011, GDP growth  was expected to reach 16.4%. However, inflation continued to erode GDP gains, with an average rate of 12.6% expected at the end of 2011. Although GDP has risen steadily since 2002 at the rate of 7.5% in an official 2006 estimate, the state is still working to overcome a sizable trade deficit. The Economist predicted this trade deficit of 14% of Mongolias GDP would transform into a surplus in 2013.

Ask a question about this article.
How many percents more were Mongolia growth rates in 2007 compared to 2008?