Economy

Forecast to be one of the world’s fastest-growing marketplaces over the next two decades, Mongolia’s economy is developing rapidly. The country’s resource wealth and open, liberalised market are attracting increasing interest from international investors and putting it in the global spotlight.

Bounded by Russia to the north and China to the south, Mongolia is a vast country and sparsely populated – larger than Western Europe, but with a population of barely 3m people. The country of wind-swept steppes, plains and deserts is famous for its nomadic tradition, still influential despite rapid development. However, stable and...

Operators of the Oyu Tolgoi copper and gold mine forecast that its copper production alone could account for a third of Mongolia’s GDP by 2020. This highlights mining’s importance to the economy, as well as the need for greater diversification. The global economic crisis of 2008-09 amply demonstrated the imperative of spreading out, as Mongolia was...

The Mongolian economy is transforming and expanding at an unprecedented rate. We are experiencing growth in every sector of the economy, from air travel to construction, from restaurants to retail. This high rate should be maintained throughout the decade: a $6bn economy in 2010 is projected to double in size in 2012, and quadruple by 2016. “...