Editing Mongolia (section)

== Economy ==
{{Main|Economy of Mongolia}}
[[File:GDP_per_capita_development_of_Mongolia.svg|thumb|Historical development of real GDP per capita in Mongolia]]
[[File:UB downtown.jpg|thumb|View of Ulaanbaatar with the [[Blue Sky Tower]] ]]

Economic activity in Mongolia has long been based on herding and agriculture, although development of extensive mineral deposits of copper, coal, [[molybdenum]], tin, [[tungsten]] and gold have emerged as a driver of industrial production.<ref name="stategov">{{Cite web |title=Background Note: Mongolia |url=https://2009-2017.state.gov/r/pa/ei/bgn/2779.htm |publisher=Bureau of East Asian and Pacific Affairs |df=mdy-all |access-date=21 May 2019 |archive-date=17 February 2020 |archive-url=https://web.archive.org/web/20200217133623/https://2009-2017.state.gov/r/pa/ei/bgn/2779.htm |url-status=live}}</ref> Besides mining (21.8% of GDP) and agriculture (16% of GDP), dominant industries in the composition of GDP are wholesale and retail trade and service, transportation and storage, and real estate activities.<ref name=stategov/> Also, Mongolia produces one-fifth of the world's raw cashmere.<ref>{{Cite web |last=Adiya |first=Amar |date=2020-04-25 |title=Cashmere conflict: Politicians, Herders, Middlemen and Factories |url=https://www.mongoliaweekly.org/post/cashmere-conflict-politicians-herders-middlemen-and-factories |access-date=2023-03-25 |website=Mongolia Weekly |language=en |archive-date=25 March 2023 |archive-url=https://web.archive.org/web/20230325205150/https://www.mongoliaweekly.org/post/cashmere-conflict-politicians-herders-middlemen-and-factories |url-status=live}}</ref>

The [[informal economy]] is estimated to be at least one-third the size of the official economy.<ref name="stategov" /> {{As of|2022}}, 78% of Mongolia's exports went to the [[People's Republic of China|PRC]], and the PRC supplied 36% of Mongolia's imports.<ref name="CIA World Factbook, Mongolia">{{cite web |title=CIA World Factbook, Mongolia |url=https://www.cia.gov/the-world-factbook/countries/mongolia/#economy |website=CIA World Factbook |date=28 May 2024 |publisher=CIA |access-date=28 May 2024 |archive-date=9 January 2021 |archive-url=https://web.archive.org/web/20210109221145/https://www.cia.gov/the-world-factbook/countries/mongolia#economy |url-status=live }}</ref>

The [[World Bank]] has stated that Mongolia's development prospects are promising due to an expansion of mining and large public investment, although challenges remain from inflation, weaker external demand from China, and persistent fiscal risks due to sizable contingent liabilities.<ref>{{cite web |title=The World Bank in Mongolia |url=https://www.worldbank.org/en/country/mongolia/overview |website=The World Bank |access-date=28 May 2024 |archive-date=28 May 2024 |archive-url=https://web.archive.org/web/20240528014029/https://www.worldbank.org/en/country/mongolia/overview |url-status=live }}</ref> According to the Asian Development Bank, 27.1% of Mongolia's population lived below the national poverty line in 2022.<ref>{{cite web |title=Mongolia and ADB |url=https://www.adb.org/where-we-work/mongolia/poverty#:~:text=Poverty%20Data%3A%20Mongolia&text=In%20Mongolia%2C%2027.1%25%20of%20the,die%20before%20their%205th%20birthday. |website=Asian Development Bank |date=21 May 2021 |access-date=28 May 2024 |archive-date=28 May 2024 |archive-url=https://web.archive.org/web/20240528015529/https://www.adb.org/where-we-work/mongolia/poverty#:~:text=Poverty%20Data%3A%20Mongolia&text=In%20Mongolia%2C%2027.1%25%20of%20the,die%20before%20their%205th%20birthday. |url-status=live }}</ref> In the same year, GDP per capita was estimated at $12,100.<ref name="CIA World Factbook, Mongolia"/>

Mongolia's real GDP grew by 7% in 2023 due to record-high coal production, driven by strong demand from China.<ref name="IMF April">{{cite web |title=Mongolia-Assessment Letter for the Asian Development Bank |url=https://www.imf.org/en/Publications/Policy-Papers/Issues/2024/04/01/Mongolia-Assessment-Letter-for-the-Asian-Development-Bank-547032 |website=International Monetary Fund |access-date=28 May 2024 |archive-date=28 May 2024 |archive-url=https://web.archive.org/web/20240528014029/https://www.imf.org/en/Publications/Policy-Papers/Issues/2024/04/01/Mongolia-Assessment-Letter-for-the-Asian-Development-Bank-547032 |url-status=live }}</ref> Inflation in early 2024 dropped to 7% due to lower global food and fuel prices.<ref name="IMF April"/> Despite a robust increase in import volumes, Mongolia recorded a current account surplus due to the sharp increase in coal exports. Mining sector growth is expected to continue driving GDP growth, although the [[International Monetary Fund]] predicts the current account balance will revert to a sizable deficit due to declining coal prices.<ref name="IMF April"/>

In 2011, [[Citigroup]] analysts determined Mongolia to be one of the "[[3G (countries)|global growth generating]]" countries, which are countries with the most promising growth prospects for 2010–2050.<ref>{{Cite news |date=February 22, 2011 |title=Forget The BRICs: Citi's Willem Buiter Presents The 11 "3G" Countries That Will Win The Future |work=Business Insider |url=http://www.businessinsider.com/willem-buiter-3g-countries-2011-2?slop=1 |url-status=live |access-date=2013-06-28 |archive-url=https://web.archive.org/web/20111122092723/http://www.businessinsider.com/willem-buiter-3g-countries-2011-2?slop=1 |archive-date=November 22, 2011 |df=mdy-all}}</ref> The [[Mongolian Stock Exchange]], established in 1991 in Ulaanbaatar, is among the world's smallest stock exchanges by [[market capitalisation]].<ref name="Jeffs">{{Cite news |last=Jeffs |first=Luke |date=February 12, 2007 |title=Mongolia earns a sporting chance with fledgling operation |work=Dow Jones Financial News Online |url=http://www.efinancialnews.com/content/1047180747 |access-date=2007-09-11 |archive-date=6 September 2018 |archive-url=https://web.archive.org/web/20180906124830/https://www.fnlondon.com/content/1047180747 |url-status=live}}</ref><ref name="IHT">{{Cite news |last=Cheng |first=Patricia |date=September 19, 2006 |title=Mongolian bourse seeks foreign investment |work=International Herald-Tribune |url=http://www.iht.com/articles/2006/09/19/bloomberg/bxmongol.php |url-status=dead |access-date=2007-09-11 |archive-url=https://web.archive.org/web/20070820205402/http://www.iht.com/articles/2006/09/19/bloomberg/bxmongol.php |archive-date=August 20, 2007}}</ref> As of 2024, it has 180 companies listed with a total market capitalization of US$3.2&nbsp;billion.<ref>{{cite web |title=Mongolia Market Capitalization |url=https://www.ceicdata.com/en/indicator/mongolia/market-capitalization |website=CEIC Data |access-date=28 May 2024}}</ref> The [[International Finance Corporation]] (IFC) currently ranks Mongolia as 81st globally in its ease of doing business scoring.<ref>{{cite web |title=Ease of Doing Business rankings |url=https://archive.doingbusiness.org/en/rankings |website=Doing Business |publisher=World Bank |access-date=28 May 2024}}</ref>

=== Mineral industry ===
{{main|Mining in Mongolia}}
[[File:Oyu Tolgoi 23.JPG|thumb|[[Oyu Tolgoi]] employs 21,000 workers and produced 168,000 tons of copper in 2023.<ref name="Rio">{{cite web |title=Oyu Tolgoi |url=https://www.riotinto.com/en/operations/mongolia/oyu-tolgoi |website=Rio Tinto |access-date=3 July 2024 |archive-date=6 July 2024 |archive-url=https://web.archive.org/web/20240706045938/https://www.riotinto.com/en/Operations/mongolia/oyu-tolgoi |url-status=live }}</ref>]]

Minerals represent more than 80% of Mongolia's exports, a proportion expected to eventually rise to 95%. Fiscal revenues from mining represented 21% of government income in 2010 and rose to 24% in 2018.<ref>{{Cite journal |last1=Lkhagva |first1=Davaajargal |last2=Wang |first2=Zheng |last3=Liu |first3=Changxin |date=2019-05-29 |title=Mining Booms and Sustainable Economic Growth in Mongolia—Empirical Result from Recursive Dynamic CGE Model |journal=Economies |volume=7 |issue=2 |page=51 |doi=10.3390/economies7020051 |issn=2227-7099 |doi-access=free|hdl=10419/256983 |hdl-access=free}}</ref><ref>{{Cite book |title=Mongolian Statistical Yearbook 2018 |publisher=National Statistics Office of Mongolia |year=2018 |location=Ulan Bator}}</ref> About 3,000 mining licences have been issued.<ref name="econ-mam">{{Cite news |date=January 21, 2012 |title=Booming Mongolia: Mine, all mine |newspaper=The Economist |url=http://www.economist.com/node/21543113/ |url-status=live |archive-url=https://web.archive.org/web/20120121132118/http://www.economist.com/node/21543113 |archive-date=January 21, 2012 |df=mdy-all}}</ref> Mining continues to rise as a major industry of Mongolia as evidenced by the number of Chinese, Russian and Canadian firms starting mining businesses in Mongolia.<ref name="cia" />

In 2009, the Mongolian government negotiated an agreement with [[Rio Tinto Group|Rio Tinto]] and [[Turquoise Hill Resources|Ivanhoe Mines]] to develop the [[Oyu Tolgoi]] copper and gold deposit,<ref name=stategov/> the biggest foreign-investment project in Mongolia at the time. The mine is now a major producer of copper and gold, with plans to further develop underground production and reach an output of 500,000 tons of copper per year.<ref name=Rio/> Mongolian's gold production in 2015 is 15 metric tons.<ref>{{Cite web |title=Gold production |url=https://ourworldindata.org/grapher/gold-production?tab=table |archive-url=https://web.archive.org/web/20231129233804/https://ourworldindata.org/grapher/gold-production?tab=table |archive-date=29 November 2023 |access-date=2024-12-19 |website=Our World in Data |url-status=live }}</ref> Mongolian lawmakers have also attempted to finance the development of the [[Tavan Tolgoi]] area, the world's largest untapped coal deposit. However, proposed international partnerships failed in 2011 and 2015, with Mongolia further cancelling an international [[initial public offering]] in 2020, citing financial and political difficulties.<ref name="tavan">{{cite web |last1=Jamasmie |first1=Cecilia |title=Mongolia cancels Tavan Tolgoi's $1 billion IPO plan |url=https://www.mining.com/mongolia-cancels-tavan-tolgois-1bn-ipo-plan/ |website=Mining.com |date=28 April 2020 |access-date=3 July 2024 |archive-date=19 December 2024 |archive-url=https://web.archive.org/web/20241219032241/https://www.mining.com/mongolia-cancels-tavan-tolgois-1bn-ipo-plan/ |url-status=live }}</ref>

In September 2022, Mongolia built and launched a 233-km direct rail link to China, which is a milestone in Mongolia's plan to become China's leading supplier of high-quality coal from the Tavan Tolgoi mine, which has more than six billion tonnes of coal reserves.<ref>{{Cite web |last=Adiya |first=Amar |date=2022-09-08 |title=New Coal Rail Network Comes Online Connecting Mongolia With China |url=https://www.mongoliaweekly.org/post/new-coal-rail-network-comes-online-connecting-mongolia-with-china |access-date=2022-09-25 |website=Mongolia Weekly |language=en |archive-date=11 September 2022 |archive-url=https://web.archive.org/web/20220911183801/https://www.mongoliaweekly.org/post/new-coal-rail-network-comes-online-connecting-mongolia-with-china |url-status=live}}</ref>

=== Agriculture ===
{{excerpt|Agriculture in Mongolia}}