Economy of Mongolia

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The economy of Mongolia has historically been based on herding and agriculture, but mining has become the dominant sector of the economy. Mongolia possesses major deposits of copper, coal, gold, molybdenum, and other minerals, which account for much of the country’s industrial output and exports. Following the collapse of the Soviet Union in 1990–91 and the end of Soviet aid, Mongolia entered a severe recession during its transition from a planned economy to market economy. Economic growth resumed in the late 1990s despite setbacks from natural disasters and the 1997 Asian financial crisis. Mongolia joined the World Trade Organization in 1997. From the 2000s onward, rapid expansion of the mining sector drove strong economic growth. However, the economy remains highly dependent on commodity exports and demand from China, making it vulnerable to fluctuations in global mining markets.

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