{ "Introduction": { "Background": { "text": "
The peoples of Mongolia have a long history under a number of nomadic empires dating back to the period of the Xiongnu in the 4th century B.C. The name Mongol goes back to at least the 11th century A.D. The most famous Mongol, TEMÜÜJIN (aka Genghis Khan) emerged as the ruler of all Mongols in the early 1200s. By the time of his death in 1227, he had created through conquest a Mongol Empire that extended across much of Eurasia. His descendants, including ÖGÖDEI and KHUBILAI (aka Kublai Khan), continued military campaigns of conquest, taking control of Eastern Europe, the Middle East, and the rest of China where KHUBILAI established the Yuan Dynasty in the 1270s. The Mongols attempted to invade Japan and Java before their empire broke apart in the 14th century. In the 17th century, Mongolia fell under the rule of the Manchus of the Chinese Qing Dynasty. Following the collapse of the Manchus in 1911, Mongolia declared its independence, achieving it with help from the Soviet Union in 1921. Mongolia became a socialist state (the Mongolian People’s Republic) in 1924. Following independence and until the collapse of the Soviet Union in 1989, the country was a Soviet satellite state, and heavily reliant on economic, military, and political assistance from Moscow. The period also was marked by periods of purges, political repression, economic stagnation, and tensions with China.
Mongolia peacefully transitioned to an independent democracy in 1990. In 1992, it adopted a new constitution and established a free market economy. Since the country's transition, it has conducted eight presidential and nine legislative elections as of 2021. Throughout the period, the ex-communist Mongolian People's Revolutionary Party (MPRP) - which took the name Mongolian People’s Party (MPP) in 2010 - has competed for political power with the Democratic Party (DP) and several other smaller parties, including a new party formed by former President ENKHBAYAR, which confusingly adopted for itself the MPRP name until it merged with MPP in 2021. In the 2016 parliamentary elections, the MPP won overwhelming control of the Parliament over the DP, which had overseen a sharp decline in Mongolia’s economy during its control of the Parliament in the preceding years. Mongolians elected a DP member, Khaltmaa BATTULGA, as president in 2017. The June 2020 parliamentary elections left the MPP with continued dominant control of the parliament. Mongolians elected former prime minister and MPP member Ukhnaa KHURELSUKH as president in 2021. Mongolia maintains close cultural, political, and military ties with Russia while China is its largest economic partner. Mongolia’s foreign relations are focused on preserving its autonomy by balancing relations with China and Russia, as well as its other major partners, Japan, South Korea, and the US.
Foreign direct investment in Mongolia's extractive industries – which are based on extensive deposits of copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten - has transformed Mongolia's landlocked economy from its traditional dependence on herding and agriculture. Exports now account for more than 40% of GDP. Mongolia depends on China for more than 60% of its external trade - China receives some 90% of Mongolia's exports and supplies Mongolia with more than one-third of its imports. Mongolia also relies on Russia for 90% of its energy supplies, leaving it vulnerable to price increases. Remittances from Mongolians working abroad, particularly in South Korea, are significant.
Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession, because of political inaction, and natural disasters, as well as strong economic growth, because of market reforms and extensive privatization of the formerly state-run economy. The country opened a fledgling stock exchange in 1991. Mongolia joined the WTO in 1997 and seeks to expand its participation in regional economic and trade regimes.
Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices globally and new gold production. By late 2008, Mongolia was hit by the global financial crisis and Mongolia's real economy contracted 1.3% in 2009. In early 2009, the IMF reached a $236 million Stand-by Arrangement with Mongolia and it emerged from the crisis with a stronger banking sector and better fiscal management. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi (OT) mine, among the world's largest untapped copper-gold deposits. However, a dispute with foreign investors developing OT called into question the attractiveness of Mongolia as a destination for foreign investment. This caused a severe drop in FDI, and a slowing economy, leading to the dismissal of Prime Minister Norovyn ALTANKHUYAG in November 2014. The economy had grown more than 10% per year between 2011 and 2013 - largely on the strength of commodity exports and high government spending - before slowing to 7.8% in 2014, and falling to the 2% level in 2015. Growth rebounded from a brief 1.6% contraction in the third quarter of 2016 to 5.8% during the first three quarters of 2017, largely due to rising commodity prices.
The May 2015 agreement with Rio Tinto to restart the OT mine and the subsequent $4.4 billion finance package signing in December 2015 stemmed the loss of investor confidence. The current government has made restoring investor trust and reviving the economy its top priority, but has failed to invigorate the economy in the face of the large drop-off in foreign direct investment, mounting external debt, and a sizeable budget deficit. Mongolia secured a $5.5 billion financial assistance package from the IMF and a host of international creditors in May 2017, which is expected to improve Mongolia’s long-term fiscal and economic stability as long as Ulaanbaatar can advance the agreement’s difficult contingent reforms, such as consolidating the government’s off-balance sheet liabilities and rehabilitating the Mongolian banking sector.
" }, "Real GDP (purchasing power parity)": { "Real GDP (purchasing power parity) 2020": { "text": "$37.6 billion note: data are in 2017 dollars (2020 est.)" }, "Real GDP (purchasing power parity) 2019": { "text": "$39.72 billion note: data are in 2017 dollars (2019 est.)" }, "Real GDP (purchasing power parity) 2018": { "text": "$37.77 billion note: data are in 2017 dollars (2018 est.)" }, "note": "note: data are in 2017 dollars" }, "Real GDP growth rate": { "Real GDP growth rate 2017": { "text": "5.1% (2017 est.)" }, "Real GDP growth rate 2016": { "text": "1.2% (2016 est.)" }, "Real GDP growth rate 2015": { "text": "2.4% (2015 est.)" } }, "Real GDP per capita": { "Real GDP per capita 2020": { "text": "$11,500 note: data are in 2017 dollars (2020 est.)" }, "Real GDP per capita 2019": { "text": "$12,300 note: data are in 2017 dollars (2019 est.)" }, "Real GDP per capita 2018": { "text": "$11,900 note: data are in 2017 dollars (2018 est.)" }, "note": "note: data are in 2017 dollars" }, "GDP (official exchange rate)": { "text": "$11.14 billion (2017 est.)" }, "Inflation rate (consumer prices)": { "Inflation rate (consumer prices) 2017": { "text": "4.6% (2017 est.)" }, "Inflation rate (consumer prices) 2016": { "text": "0.5% (2016 est.)" } }, "Credit ratings": { "Fitch rating": { "text": "B (2018)" }, "Moody's rating": { "text": "B3 (2018)" }, "Standard & Poors rating": { "text": "B (2018)" } }, "GDP - composition, by sector of origin": { "agriculture": { "text": "12.1% (2017 est.)" }, "industry": { "text": "38.2% (2017 est.)" }, "services": { "text": "49.7% (2017 est.)" } }, "GDP - composition, by end use": { "household consumption": { "text": "49.2% (2017 est.)" }, "government consumption": { "text": "12.3% (2017 est.)" }, "investment in fixed capital": { "text": "23.8% (2017 est.)" }, "investment in inventories": { "text": "12.4% (2017 est.)" }, "exports of goods and services": { "text": "59.5% (2017 est.)" }, "imports of goods and services": { "text": "-57.1% (2017 est.)" } }, "Agricultural products": { "text": "milk, wheat, goat milk, potatoes, mutton, sheep milk, beef, goat meat, horse meat, carrots/turnips" }, "Industries": { "text": "construction and construction materials; mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold); oil; food and beverages; processing of animal products, cashmere and natural fiber manufacturing" }, "Industrial production growth rate": { "text": "-1% (2017 est.)" }, "Labor force": { "text": "1.241 million (2017 est.)" }, "Labor force - by occupation": { "agriculture": { "text": "31.1%" }, "industry": { "text": "18.5%" }, "services": { "text": "50.5% (2016)" } }, "Unemployment rate": { "Unemployment rate 2017": { "text": "8% (2017 est.)" }, "Unemployment rate 2016": { "text": "7.9% (2016 est.)" } }, "Unemployment, youth ages 15-24": { "total": { "text": "17.9%" }, "male": { "text": "16.9%" }, "female": { "text": "19.5% (2020 est.)" } }, "Population below poverty line": { "text": "28.4% (2018 est.)" }, "Gini Index coefficient - distribution of family income": { "Gini Index coefficient - distribution of family income 2018": { "text": "32.7 (2018 est.)" }, "Gini Index coefficient - distribution of family income 2008": { "text": "36.5 (2008)" } }, "Household income or consumption by percentage share": { "lowest 10%": { "text": "13.7%" }, "highest 10%": { "text": "5.7% (2017)" } }, "Budget": { "revenues": { "text": "2.967 billion (2017 est.)" }, "expenditures": { "text": "3.681 billion (2017 est.)" } }, "Budget surplus (+) or deficit (-)": { "text": "-6.4% (of GDP) (2017 est.)" }, "Public debt": { "Public debt 2017": { "text": "91.4% of GDP (2017 est.)" }, "Public debt 2016": { "text": "90% of GDP (2016 est.)" } }, "Taxes and other revenues": { "text": "26.6% (of GDP) (2017 est.)" }, "Fiscal year": { "text": "calendar year" }, "Current account balance": { "Current account balance 2017": { "text": "-$1.155 billion (2017 est.)" }, "Current account balance 2016": { "text": "-$700 million (2016 est.)" } }, "Exports": { "Exports 2020": { "text": "$7.65 billion note: data are in current year dollars (2020 est.)" }, "Exports 2019": { "text": "$8.42 billion note: data are in current year dollars (2019 est.)" }, "Exports 2018": { "text": "$7.71 billion note: data are in current year dollars (2018 est.)" } }, "Exports - partners": { "text": "China 81%, Switzerland 9% (2019)" }, "Exports - commodities": { "text": "coal, copper, gold, iron, crude petroleum (2019)" }, "Imports": { "Imports 2020": { "text": "$7.34 billion note: data are in current year dollars (2020 est.)" }, "Imports 2019": { "text": "$9.25 billion note: data are in current year dollars (2019 est.)" }, "Imports 2018": { "text": "$8.48 billion note: data are in current year dollars (2018 est.)" } }, "Imports - partners": { "text": "China 31%, Russia 29%, Japan 10%, South Korea 5% (2019)" }, "Imports - commodities": { "text": "refined petroleum, cars, delivery trucks, construction vehicles, aircraft (2019)" }, "Reserves of foreign exchange and gold": { "Reserves of foreign exchange and gold 31 December 2017": { "text": "$3.016 billion (31 December 2017 est.)" }, "Reserves of foreign exchange and gold 31 December 2016": { "text": "$1.296 billion (31 December 2016 est.)" } }, "Debt - external": { "Debt - external 2019": { "text": "$29.945 billion (2019 est.)" }, "Debt - external 2018": { "text": "$28.046 billion (2018 est.)" } }, "Exchange rates": { "currency": { "text": "togrog/tugriks (MNT) per US dollar -" }, "Exchange rates 2017": { "text": "2,378.1 (2017 est.)" }, "Exchange rates 2016": { "text": "2,140.3 (2016 est.)" }, "Exchange rates 2015": { "text": "2,140.3 (2015 est.)" }, "Exchange rates 2014": { "text": "1,970.3 (2014 est.)" }, "Exchange rates 2013": { "text": "1,817.9 (2013 est.)" } } }, "Energy": { "Electricity access": { "electrification - total population": { "text": "91% (2019)" }, "electrification - urban areas": { "text": "99% (2019)" }, "electrification - rural areas": { "text": "73% (2019)" } }, "Electricity - production": { "text": "5.339 billion kWh (2016 est.)" }, "Electricity - consumption": { "text": "5.932 billion kWh (2016 est.)" }, "Electricity - exports": { "text": "51 million kWh (2015 est.)" }, "Electricity - imports": { "text": "1.446 billion kWh (2016 est.)" }, "Electricity - installed generating capacity": { "text": "1.134 million kW (2016 est.)" }, "Electricity - from fossil fuels": { "text": "87% of total installed capacity (2016 est.)" }, "Electricity - from nuclear fuels": { "text": "0% of total installed capacity (2017 est.)" }, "Electricity - from hydroelectric plants": { "text": "2% of total installed capacity (2017 est.)" }, "Electricity - from other renewable sources": { "text": "11% of total installed capacity (2017 est.)" }, "Crude oil - production": { "text": "20,000 bbl/day (2018 est.)" }, "Crude oil - exports": { "text": "14,360 bbl/day (2015 est.)" }, "Crude oil - imports": { "text": "0 bbl/day (2015 est.)" }, "Crude oil - proved reserves": { "text": "NA bbl (1 January 2017)" }, "Refined petroleum products - production": { "text": "0 bbl/day (2015 est.)" }, "Refined petroleum products - consumption": { "text": "27,000 bbl/day (2016 est.)" }, "Refined petroleum products - exports": { "text": "0 bbl/day (2015 est.)" }, "Refined petroleum products - imports": { "text": "24,190 bbl/day (2015 est.)" }, "Natural gas - production": { "text": "0 cu m (2017 est.)" }, "Natural gas - consumption": { "text": "0 cu m (2017 est.)" }, "Natural gas - exports": { "text": "0 cu m (2017 est.)" }, "Natural gas - imports": { "text": "0 cu m (2017 est.)" }, "Natural gas - proved reserves": { "text": "0 cu m (1 January 2014 est.)" } }, "Communications": { "Telephones - fixed lines": { "total subscriptions": { "text": "160,153 (2020)" }, "subscriptions per 100 inhabitants": { "text": "4.89 (2020 est.)" } }, "Telephones - mobile cellular": { "total subscriptions": { "text": "4,363,919 (2020)" }, "subscriptions per 100 inhabitants": { "text": "133.1 (2020 est.)" } }, "Telecommunication systems": { "general assessment": { "text": "liberalized and competitive telecom market; steady growth in mobile broadband, but fixed-line broadband is still an economical option; installation of a fiber-optic network improved broadband and communication services between major urban centers; compared to other Asian countries, Mongolia's growth in telecom is moderate; mobile broadband rate is growing through competition among operators with reasonable tariffs; launch of 4G LTE services by all major operators; South Korean investment in landline and cellular services; partner in China’s economic corridor project; import of broadcasting equipment from China (2020)" }, "domestic": { "text": "very low fixed-line teledensity of less than 5 per 100; there are four mobile-cellular providers and subscribership is roughly 133 per 100 persons (2020)" }, "international": { "text": "country code - 976; satellite earth stations - 7 (2016)" }, "note": "note: the COVID-19 pandemic continues to have a significant impact on production and supply chains globally; since 2020, some aspects of the telecom sector have experienced downturn, particularly in mobile device production; many network operators delayed upgrades to infrastructure; progress towards 5G implementation was postponed or slowed in some countries; consumer spending on telecom services and devices was affected by large-scale job losses and the consequent restriction on disposable incomes; the crucial nature of telecom services as a tool for work and school from home became evident, and received some support from governments" }, "Broadcast media": { "text": "following a law passed in 2005, Mongolia's state-run radio and TV provider converted to a public service provider; also available are 68 radio and 160 TV stations, including multi-channel satellite and cable TV providers; transmissions of multiple international broadcasters are available (2019)" }, "Internet country code": { "text": ".mn" }, "Internet users": { "total": { "text": "2.01 million (2021 est.)" }, "percent of population": { "text": "62.5% (2020 est.)" } }, "Broadband - fixed subscriptions": { "total": { "text": "307,166 (2020)" }, "subscriptions per 100 inhabitants": { "text": "9.37 (2020 est.)" } } }, "Transportation": { "National air transport system": { "number of registered air carriers": { "text": "4 (2020)" }, "inventory of registered aircraft operated by air carriers": { "text": "12" }, "annual passenger traffic on registered air carriers": { "text": "670,360 (2018)" }, "annual freight traffic on registered air carriers": { "text": "7.82 million mt-km (2018)" } }, "Civil aircraft registration country code prefix": { "text": "JU" }, "Airports": { "total": { "text": "44 (2013)" } }, "Airports - with paved runways": { "total": { "text": "15" }, "over 3,047 m": { "text": "2" }, "2,438 to 3,047 m": { "text": "10" }, "1,524 to 2,437 m": { "text": "3 (2017)" } }, "Airports - with unpaved runways": { "total": { "text": "29" }, "over 3,047 m": { "text": "2" }, "2,438 to 3,047 m": { "text": "2" }, "1,524 to 2,437 m": { "text": "24" }, "under 914 m": { "text": "1 (2013)" } }, "Heliports": { "text": "1 (2013)" }, "Railways": { "total": { "text": "1,815 km (2017)" }, "broad gauge": { "text": "1,815 km 1.520-m gauge (2017)" }, "note": "note: national operator Ulaanbaatar Railway is jointly owned by the Mongolian Government and by the Russian State Railway" }, "Roadways": { "total": { "text": "113,200 km (2017)" }, "paved": { "text": "10,600 km (2017)" }, "unpaved": { "text": "102,600 km (2017)" } }, "Waterways": { "text": "580 km (the only waterway in operation is Lake Hovsgol) (135 km); Selenge River (270 km) and Orhon River (175 km) are navigable but carry little traffic; lakes and rivers ice free from May to September) (2010)" }, "Merchant marine": { "total": { "text": "302" }, "by type": { "text": "bulk carrier 4, container ship 7, general cargo 131, oil tanker 64, other 96 (2021)" } } }, "Military and Security": { "Military and security forces": { "text": "Mongolian Armed Forces (Mongol ulsyn zevsegt huchin): General Purpose Troops (Mongolian Army), Air/Air Defense Force, Cyber Security, Special Forces, Civil Engineering, Civil Defense Forces; Border Troops; Internal Security TroopsMongolia has been engaged in dialogue and cooperation with NATO since 2005 and is considered by NATO to be a global partner; Mongolia supported the NATO-led Kosovo Force from 2005-2007 and contributed troops to the NATO-led International Security Assistance Force in Afghanistan from 2009-2014, as well as to the follow-on Resolute Support Mission that provided training, advice, and other assistance to the Afghan security forces (2015-2021)
" } }, "Transnational Issues": { "Disputes - international": { "text": "none
" }, "Refugees and internally displaced persons": { "stateless persons": { "text": "17 (mid-year 2021)" } } } }