| Economy - Mongolia | | | | | |
Economic activity in Mongolia has traditionally been based on herding and agriculture. Mongolia has extensive mineral deposits; copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990-91 at the time of the dismantlement of the U.S.S.R. The following decade saw Mongolia endure both deep recession due to political inaction and natural disasters as well as economic growth due to reform embracing free-market economics and extensive privatization of the formerly state-run economy. Severe winters and summer droughts in 2000-2001 and 2001-2002 resulted in massive livestock die-off and zero or negative GDP growth. This was compounded by falling prices for Mongoliaís primary-sector exports and widespread opposition to privatization. Growth improved from 2002 at 4% to 2003 at 5%, due largely to high copper prices and new gold production, with the government claiming a 10.6% growth rate for 2004 that is unconfirmed. Mongoliaís economy continues to be heavily impacted by its neighbors. For example, Mongolia purchases 80% of its petroleum products and a substantial amount of electric power from Russia, leaving it vulnerable to price increases. China is Mongoliaís chief export partner and a main source of the ìshadow,î or ìgrayî economy. The World Bank and other international financial institutions (IFIs) estimate the gray economy to be at least equal to that of the official economy (US$1.4 billion in 2003). The actual size of this gray--largely cash--economy is difficult to calculate since the money does not pass through the hands of tax authorities or the banking sector. Remittances from Mongolians working abroad both legally and illegally constitute a sizeable portion. Money laundering is growing as an accompanying concern. Mongolia settled its large debt to Russia at the end of 2003 on very favorable terms. Mongolia, which joined the World Trade Organization in 1997, is the only member of that organization to not be a participant in a regional trade organization. Mongolia seeks to expand its participation and integration into Asian regional economic and trade regimes. | | | Environment | | |
As a result of rapid urbanization and industrial growth policies under the communist regime, Mongolia's deteriorating environment has become a major concern. The burning of soft coal coupled with thousands of factories in Ulaanbaatar has resulted in severely polluted air. Deforestation, overgrazed pastures, and efforts to increase grain and hay production by plowing up more virgin land have increased soil erosion from wind and rain. Most recently, with the rapid growth of newly privatized herds, overgrazing in selected areas also is a concern. |
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