Editing Economy of Mongolia (section)

===Economic development present day===
[[File:Mongolian factory worker with cashmere.jpg|250px|thumb|Mongolian factory worker with cashmere]]
[[File:Market in Ulan Bator (Mongolia).jpg|250px|thumb|Market in Mongolia]]
Mongolia's reliance on trade with China meant that the worldwide financial crisis hit hard,<ref name="February 2009 Quarterly review">{{cite web
| url= http://siteresources.worldbank.org/INTMONGOLIA/Resources/MongoliaQuarterlyFebruary2009English.pdf
| title= Mongolia Quarterly review for February 2009
| publisher= [[World Bank]]
| access-date= 7 April 2010
| archive-date= 14 November 2022
| archive-url= https://web.archive.org/web/20221114155808/http://siteresources.worldbank.org/INTMONGOLIA/Resources/MongoliaQuarterlyFebruary2009English.pdf
| url-status= live
}}</ref> severely stunting the growth of its economy. With the sharp decrease in metal prices, especially copper (down 65% from July 2008-February 2009),<ref name="February 2009 Quarterly review" /> exports of its raw materials withered and by 2009 the [[stock market]] MSE Top-20 registered an all-time low since its dramatic spike in mid-2007.<ref name="Mongolian Stock Exchange">{{cite web
| url=http://www.mse.mn/
| title=Монголын Хөрөнгийн Бирж
| publisher=Mongolian Stock Exchange
| access-date=7 April 2010
| archive-date=27 December 2012
| archive-url=https://web.archive.org/web/20121227115041/http://www.mse.mn/
| url-status=live
}}</ref> Just as the economy started to recover, Mongolia was hit by a [[Zud]] over the winter period of 2009–2010, causing many livestock to perish and thus severely affecting cashmere production which accounts for a further 7% of the country's export revenues.<ref name="February 2009 Quarterly review" />

According to the World Bank and International Monetary Fund estimates, real GDP growth reduced from 8% to 2.7% in 2009, and exports shrunk 26% from $2.5Bn to $1.9Bn before a promisingly steady increase up until 2008.<ref name="February 2009 Quarterly review" /> Because of this, it was projected that between 20,000 and 40,000 fewer Mongolians (0.7% and 1.4% of the population respectively) will be lifted out of [[poverty]], than would have been the case without the global financial crisis.

In late 2009 and the beginning of 2010, however, the market has begun to recover once again. Having identified and learnt from its previous economic instabilities, legislative reform and a tightened fiscal policy promises to guide the country onwards and upwards. In February 2010, foreign assets were recorded at [[USD]]1,569,449 million.<ref name="Bank of Mongolia 2010 February">{{cite web
 |url       = http://www.mongolbank.mn/c/document_library/get_file?uuid=d9f20f03-bff5-4260-9fd6-7e45880c4cd4&groupId=16
 |title     = Bank of Mongolia Monthly Stat Bulletin
 |date      = February 2010
 |publisher = [[Bank of Mongolia]]
}}{{dead link|date=April 2018 |bot=InternetArchiveBot |fix-attempted=yes}}</ref> New trade agreements are being formed and foreign investors are keeping a close eye on the "[[Wolf Economy|Asian Wolf]]".

Mining is the principal industrial activity in Mongolia, making up 30% of all Mongolian industry.<ref>Montsame News Agency.  ''Mongolia''.  2006, Foreign Service Office of [[Montsame News Agency]], {{ISBN|99929-0-627-8}}, p. 82</ref> Another important industry is the production of cashmere.  Mongolia is the world's second largest producer of cashmere, with the main company, Gobi Cashmere, accounting for 21% of world cashmere production as of 2006.<ref>Montsame News Agency.  ''Mongolia''.  2006, Foreign Service Office of [[Montsame News Agency]], {{ISBN|99929-0-627-8}}, p. 86</ref>

Total export in 2019 was US$7.6 billion.<ref>{{cite web | url=https://trendeconomy.com/data/h2/Mongolia/TOTAL | title=Mongolia &#124; Imports and Exports &#124; World &#124; ALL COMMODITIES &#124; Value (US$) and Value Growth, YoY (%) &#124; 2003 - 2019 | date=14 November 2021 | access-date=30 April 2022 | archive-date=9 December 2022 | archive-url=https://web.archive.org/web/20221209024416/https://trendeconomy.com/data/h2/Mongolia/TOTAL | url-status=live}}</ref>

The 2022 economic growth is expected to be one percent and international institutions anticipate the economy to speed up by at least six percent in 2023 from expanded commodity exports.<ref>{{Cite web |last=Adiya |first=Amar |date=2022-06-22 |title=Mongolia's Economy Plunges Amid Border Disruptions and Growing Food Shortages |url=https://www.mongoliaweekly.org/post/mongolia-s-economy-plunges-amid-border-disruptions-and-growing-food-shortages |access-date=2022-09-11 |website=Mongolia Weekly |language=en |archive-date=5 February 2023 |archive-url=https://web.archive.org/web/20230205165902/https://www.mongoliaweekly.org/post/mongolia-s-economy-plunges-amid-border-disruptions-and-growing-food-shortages |url-status=live}}</ref> A significant commodity export boom is expected starting from 2023 with new coal rail networks {{Webarchive|url= |date=11 September 2022}} to China coming online and increased copper production from [[Rio Tinto (corporation)|Rio Tinto]]’s underground mine [[Oyu Tolgoi mine|Oyu Tolgoi]] in southern Mongolia.

In early 2020s, Mongolia's economy, though experiencing growth spurred by natural resource exports, faces challenges. Over-reliance on mining, rising debt, inflation, and potential fuel supply disruptions from Russia pose risks to the country's economic stability despite government efforts in infrastructure and social programs.<ref>{{Cite web |url=https://www.mongoliaweekly.org/post/mongolia-faq |access-date=2024-09-21 |website=www.mongoliaweekly.org |title=Mongolia FAQ |date=21 September 2024 }}</ref>