Mongolia

:For the region of the same name, see Mongolia (region)

Economy

Main article: Economy of Mongolia

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Mongolia's economy is centered on Agriculture and Mining. The Majority of population lives on their live stocks, mainly cow, sheep, goat, horse and camel (bactrian). Many industrial facilities were closed down with the start of capitalism and the end of the Soviet Union, which supported the largely loss-making factories. In Mining, the main products are petroleum, coal and copper with smaller industries in molybdenum, tungsten, and phosphate mining. Following decades of state-run enterprise, the economy has undergone an often-painful transition to capitalism. There are currently over 30,000 independent businesses in Mongolia, chiefly centered around the capital city. Outside the cities most Mongolians engage in sustenance herding.

Related Topics:
Petroleum - Coal - Copper - Molybdenum - Tungsten - Phosphate - Capitalism

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GDP per capita is about $420. Although GDP has risen steadily since 2002, the state is still working to overcome a sizable trade deficit. A massive ($11 billion) foreign debt to Russia was settled by the Mongolian government in 2004 with a $300 million payment; this reduced value was accepted due to Mongolian hardship and losses of human lives during the Soviet Era. Mongolia joined the World Trade Organization in 1997 and now exports cashmere, minerals, and food products to Russia, United States, China, Japan, Italy, and other countries.

Related Topics:
World Trade Organization - 1997

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