Mongolia

Over the past few decades, Mongolia has undergone a remarkable economic transformation. Once heavily reliant on herding and agriculture, the country has shifted gears, capitalizing on its vast deposits of gold, copper, coal and other minerals. As a result, the country’s GDP per capita has tripled since the early 1990s, foreign direct investment has boomed, and significant progress has been made in poverty reduction. Mongolia’s strategic location between China, Europe, and Russia has further bolstered its export potential.

Today, the government is actively pursuing efforts to liberalize markets and foster a competitive financial sector, as well as to diversify the economy through investments in agri-food, digital services and tourism. Yet, Mongolia still faces challenges in creating a consistent and transparent business environment. As a small landlocked economy, it also remains vulnerable to external economic shocks, commodity price fluctuations, and Chinese and Russian demand. Furthermore, despite the progress made, about a fourth of the population still lives below the national poverty line.