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Economic Development in Mongolia


  • Erkhemchimeg Byambasuren
  • Almas Heshmati

    () (Technology Management, Economics, and Policy Program (TEMEP), Seoul National University)


Mongolian economy has evolved rapidly in recent decades. It has a number of particular features which makes it interesting to study from a development perspective. One is the landlocked condition which limits its development potential. Another is its high dependence on a few products and natural resources like minerals, energy and agriculture. A third is the large scale of its natural resources with its low population density. This report aims to present a detailed analysis of the abovementioned aspects of the Mongolian economy and its development. It sheds light on conditions for sustainable economic development in the country. The objective is to mobilize available resources to enhance Mongolia¡¯s self-sufficiency and reduce its vulnerability and dependency on its two economically, politically and militarily powerful neighbors. This is conducted in a descriptive and simple but illustrative way. The report provides general information about the Mongolian economy and society compared with its neighbors serving as reference for investors, planners and decision-makers. The report is divided into five main parts. The first part contains a general introduction to the economy of Mongolia. The second part is on the development and the role of the key economic sectors including agriculture, industry and services. The third part elaborates on the development and role of the mining and energy sectors in the development of the economy. The fourth part is an analysis of the international economic relations and the dependence on foreign countries. The last part is on the future directions of development. This report is expected to provide a complete picture of the national economy, its evolution, current state and future possible directions and potential. The empirical and illustrative part is mainly based on data at the aggregate national level, covering the last two decades but mainly the period from 2004 to 2009.

Suggested Citation

  • Erkhemchimeg Byambasuren & Almas Heshmati, 2010. "Economic Development in Mongolia," TEMEP Discussion Papers 201053, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Feb 2010.
  • Handle: RePEc:snv:dp2009:201053

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    References listed on IDEAS

    1. Irfan ul Haque, 2007. "Rethinking Industrial Policy," UNCTAD Discussion Papers 183, United Nations Conference on Trade and Development.
    2. Francesco Pastore, 2009. "School-to-Work Transitions in Mongolia," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 6(2), pages 245-264, December.
    3. Davis, Graham A, 1998. "The minerals sector, sectoral analysis, and economic development," Resources Policy, Elsevier, vol. 24(4), pages 217-228, December.
    Full references (including those not matched with items on IDEAS)


    Blog mentions

    As found by, the blog aggregator for Economics research:
    1. Est-ce qu’un pays doit protéger ses industries naissantes pour se développer?
      by minarchiste in Le Minarchiste on 2013-03-01 18:12:25
    2. Redux: Est-ce qu’un pays doit protéger ses industries naissantes pour se développer?
      by Minarchiste in Le Minarchiste on 2018-04-19 23:51:37

    More about this item


    Mongolia; economic development; macroeconomics; general outlook; country study; trade; agriculture; natural resources; environment; extractive; industries; development planning and policy; transition economics;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • N50 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - General, International, or Comparative
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
    • Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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