Owing primarily to extensive investment in new mining projects, Mongolia’s economy is on a path of very rapid long-term growth. At the same time, prospects for the economy are overshadowed by the recurrent risk of overheating, fueled by expansionary fiscal policy, volatile global commodity prices, and rising capital flows. Coordination of fiscal, monetary, and exchange rate policy agendas and properly enforced micro- and macro supervision measures will be essential to maintaining inclusive growth and financial sector stability.