The study was commissioned by the Japan International Cooperation Agency. Its objective was to review the current state of the Mongolian macro economy, to analyze causes of the change and make forecasts. Within the project, the research team prepared professional analysis and provided detailed quarterly reports and brief monthly updates for the client. The detailed analysis covered progression of key macroeconomic indicators, changes in economic sectors, trend in aggregate demand, fiscal policy issues, balance of payment, debt sustainability and developments in the money and finance sector.