Economy of Mongolia

Mongolia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Mongolia may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Mongolia exports around $4.29 billion and imports roughly $5.7 billion. 7% of population in the country are unemployed. The total number of unemployed people in Mongolia is 218,524. In Mongolia, 29.6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Mongolia is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.6% of GDP. The Gini Index of the country is 36.5. Mongolia is experiencing good equality. The majority of citizens in Mongolia fall within a narrow range of income, although some cases may show significant differences. Mongolia has a Human Development Index (HDI) of 0.698. Mongolia has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Mongolia is 1.706. Due to strong law enforcement presence and high social responsibility, Mongolia is very safe by international standards. The strength of legal rights index for Mongolia is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Mongolia is Mongolian togrog. There are several plural forms of the name 'Mongolian togrog'. These are tögrögs, tugriks. The symbol used for this currency is ₮, and it is abbreviated as MNT. The Mongolian togrog is divided into Mongo; there are 100 in one togrog.

Credit rating

The depth of credit information index for Mongolia is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Mongolia has a credit rating score of BB-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Mongolia has a credit rating score of B+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Mongolia has a credit rating score of B1, and the prospects of this rating are stable.

Central bank

In Mongolia, the institution that manages the state's currency, money supply, and interest rates is called Bank of Mongolia. Locally, the central bank of Mongolia is called Монгол банк Дэлгэрсайхан. The average deposit interest rate offered by local banks in Mongolia is 12.3%.

Public debt

The government debt of Mongolia has not been calculated yet.

Tax information

The corporate tax in Mongolia is set at 10%. VAT in Mongolia is 10%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Mongolia is $34869 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Mongolia was last recorded at $11 million. PPP in Mongolia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Mongolia is 11,516 billion. Based on this statistic, Mongolia is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Mongolia was last recorded at $4 million. The average citizen in Mongolia has low wealth. Countries with low wealth per capita often have slightly lower life expectancies and lower quality of living among citizens. It can be difficult to find highly skilled workers in countries with low wealth, as it is occasionally difficult for citizens to obtain the requisite education needed for specialized industries. Labor can be found for low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Mongolia averaged 9.1% in 2014. According to this percentage, Mongolia is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Mongolia.

Industry

Major industries in the country are construction and construction materials, mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold), oil, food and beverages, processing of animal products, cashmere and natural fiber manufacturing. The total labor force of Mongolia is 1,283,500 people, wherein 7% of population in the country are unemployed. The total number of unemployed people in Mongolia is 218,524. The Industrial Production growth rate of Mongolia is 10.4%.To read more about industrial information within Mongolia click on industry of Mongolia.

Agriculture

There are 11816 km² of arable land in Mongolia, and it comprises 1% of the country's total territory. There are 11816 km² of cultivated land in Mongolia. The country's major agricultural crops and products are wheat, barley, vegetables, forage crops, sheep, goats, cattle, camels, horses.To read more about agriculture click on agriculture of Mongolia.