Mongolia

World Factbook - Central News Agency

Mongols became famous in the thirteenth centuary when they founded a vast Euro-Asian kingdom under Chinggis KHAAN by conquering it. When he died, the kingdom was split up into several mighty Mongolian states. So the Mongolians finally retreated to their native steppes and came under China's domination at the end of the seventeenth cent.

In 1911 Mongolia proclaimed its sovereignty of the Manchu-led Qing kingdom and gained a certain degree of self-sufficiency until 1919, when it regained China's oversight. Mongolia's 1921 revolution ended China's rule and a Mongolian rule, the Mongolian People's Republic, took over in 1924. However, the contemporary Mongolian land is only one part of the historic home of the Mongols; today more Mongolian tribes are living in the Autonomous Region of Inner Mongolia in the People's Republic of China than in Mongolia.

The former Mongol People' s Socialist People' s Socialist Group ( "MPRP") - which received the name Mongol People' s Social Popular Group ( "MPP") in 2010 - has fought for leadership with the DP and several other smaller groups since the 1990s. Among them was a new MPRP founded by former President ENKHBAYAR, which disconcertingly adopted the name "MPRP".

At the last general election in June 2016, the Mongols gave the MPP overcontrol over the parliament and urged the DP, which had observed a strong downturn in Mongolia's economic activity in recent years during the Parliament's overhaul. In 2017 the Mongols voted a DP member, Khaltmaa BATTULGA, as prime minister.

Mongol Uls, the name of Mongolia, which means "land of the Mongols" in Latin, means "Mongolian state" FDI in the mining industry of Mongolia - founded on large reserves of coal, coins, gold, molten metal, fluorite, uroium, tin and wolfram - has freed Mongolia's domestic economies from their dependency on herds and farming.

More than 60% of Mongolia's foreign business is dependent on China - China accounts for around 90% of Mongolia's export and more than a third of Mongolia's import. Also Mongolia is dependent on Russia for 90% of its power supply, making it susceptible to rising prices. The number of transfers from Mongolians working abroad, particularly in South Korea, is considerable.

In the following ten years, Mongolia experienced both a profound downturn due to lack of action and due to major catastrophes, and rapid macroeconomic expansion due to the reform of the markets and comprehensive privatisation of the former state economies. Mongolese membership of the WTO in 1997 is intended to increase its involvement in the region's trading and trading systems.

At the beginning of 2009, the IMF achieved a stand-by arrangement with Mongolia amounting to USD 236 million and came out of the economic downturn with a strengthened bank industry and better financial governance. Mongolia adopted in October 2009 the long-awaited law on an capital expenditure treaty to open the Oyu Tolgoi Mine (OT), one of the world's biggest undeveloped copper-gold mines.

A quarrel with overseas companies that develop OT, however, questioned the appeal of Mongolia as a target for solicitors. As a result, FDI declined sharply and the pace of economic growth slowed, which led to the sacking of Prime Minister Norovyn ALTANKHUYAG in November 2014. Between 2011 and 2013, the country's GDP grew by more than 10 percent per year - mainly due to raw material export and high public expenditure - before declining to 7.8 percent in 2014 and 2 percent in 2015.

While the present administration has made the restoration of investors' confidence and economic recovery its top priorities, it has neglected to stimulate the economies in the face of the sharp decline in FDI, rising levels of international indebtedness and a substantial budgetary imbalance.