Mongolia - Country Code 976
IDD Code: 011
Country Code: 976
ISO: MN
ISO3: MNG
Helpful Information About Mongolia
Time
Thursday, November 21, 2024
Capital: Ulaanbaatar
Time Zone
UTC+08:00
Time Difference
Ulaanbaatar, Mongolia is ()
Daylight Savings Time
Mongolia does not follow DST
Weather
Country Map
Country Flag
About Mongolia Country NameMongolia
ContinentAsia
Lat/Long46.86249600, 103.84665600
BackgroundThe Mongols gained fame in the 13th century when under Chinggis KHAAN they established a huge Eurasian empire through conquest. After his death the empire was divided into several powerful Mongol states, but these broke apart in the 14th century. The Mongols eventually retired to their original steppe homelands and in the late 17th century came under Chinese rule. Mongolia declared its independence from the Manchu-led Qing Empire in 1911 and achieved limited autonomy until 1919, when it again came under Chinese control. The Mongolian Revolution of 1921 ended Chinese dominance, and a communist regime, the Mongolian People’s Republic, took power in 1924.
The modern country of Mongolia, however, represents only part of the Mongols' historical homeland; today, more ethnic Mongolians live in the Inner Mongolia Autonomous Region in the People's Republic of China than in Mongolia. Since the country's peaceful democratic revolution in 1990, the ex-communist Mongolian People's Revolutionary Party (MPRP) - which took the name Mongolian People’s Party (MPP) in 2010 - has competed for political power with the Democratic Party (DP) and several other smaller parties, including a new party formed by former President ENKHBAYAR, which confusingly adopted for itself the MPRP name. In the country's most recent parliamentary elections in June 2016, Mongolians handed the MPP overwhelming control of Parliament, largely pushing out the DP, which had overseen a sharp decline in Mongolia’s economy during its control of Parliament in the preceding years. President ELBEGDORJ, a DP member, will finish his second term as president in 2017, and is not eligible to run for re-election.
The modern country of Mongolia, however, represents only part of the Mongols' historical homeland; today, more ethnic Mongolians live in the Inner Mongolia Autonomous Region in the People's Republic of China than in Mongolia. Since the country's peaceful democratic revolution in 1990, the ex-communist Mongolian People's Revolutionary Party (MPRP) - which took the name Mongolian People’s Party (MPP) in 2010 - has competed for political power with the Democratic Party (DP) and several other smaller parties, including a new party formed by former President ENKHBAYAR, which confusingly adopted for itself the MPRP name. In the country's most recent parliamentary elections in June 2016, Mongolians handed the MPP overwhelming control of Parliament, largely pushing out the DP, which had overseen a sharp decline in Mongolia’s economy during its control of Parliament in the preceding years. President ELBEGDORJ, a DP member, will finish his second term as president in 2017, and is not eligible to run for re-election.
Population3,031,330 (July 2016 est.)
LanguagesMongolian 90% (official) (Khalkha dialect is predominant), Turkic, Russian (1999)
ReligionsBuddhist 53%, Muslim 3%, Shamanist 2.9%, Christian 2.2%, other 0.4%, none 38.6% (2010 est.)
Ethnic GroupsKhalkh 81.9%, Kazak 3.8%, Dorvod 2.7%, Bayad 2.1%, Buryat-Bouriates 1.7%, Zakhchin 1.2%, Dariganga 1%, Uriankhai 1%, other 4.6% (2010 est.)
Economy
EconomyForeign direct investment in Mongolia's extractive industries – which are based on extensive deposits of copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten - has transformed Mongolia's landlocked economy from its traditional dependence on herding and agriculture. Exports now account for more than 40% of GDP. Mongolia depends on China for more than 60% of its external trade - China receives some 90% of Mongolia's exports and supplies Mongolia with more than one-third of its imports. Mongolia also relies on Russia for 90% of its energy supplies, leaving it vulnerable to price increases. Remittances from Mongolians working abroad, particularly in South Korea, are significant.
Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession, because of political inaction, and natural disasters, as well as strong economic growth, because of market reforms and extensive privatization of the formerly state-run economy. The country opened a fledgling stock exchange in 1991. Mongolia joined the WTO in 1997 and seeks to expand its participation in regional economic and trade regimes.
Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices globally and new gold production. By late 2008, Mongolia was hit by the global financial crisis and Mongolia's real economy contracted 1.3% in 2009. In early 2009, the IMF reached a $236 million Stand-by Arrangement with Mongolia and it emerged from the crisis with a stronger banking sector and better fiscal management. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi (OT) mine, among the world's largest untapped copper-gold deposits. However, a dispute with foreign investors developing OT called into question the attractiveness of Mongolia as a destination for foreign investment. This caused a severe drop in FDI, and a slowing economy, leading to the dismissal of Prime Minister ALTANKHUYAG in November 2014. The economy had grown more than 10% per year between 2011 and 2013 - largely on the strength of commodity exports and high government spending - before slowing to 7.8% in 2014, 2.3% in 2015, and 1% in 2016.
The May 2015 agreement with Rio Tinto to restart the OT mine and the subsequent $4.4 billion finance package signing in December 2015 stemmed the loss of investor confidence. The current government has made restoring investor trust and reviving the economy its top priority, but has failed to invigorate the economy in the face of the large drop off in foreign direct investment, mounting external debt, and a sizeable budget deficit. However, Mongolia reached staff-level agreement with the IMF in February 2017 on an Extended Fund Facility program, and once approved by the IMF Board, the program is expected to improve Mongolia’s long-term fiscal and economic stability.
Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990 and 1991 at the time of the dismantlement of the USSR. The following decade saw Mongolia endure both deep recession, because of political inaction, and natural disasters, as well as strong economic growth, because of market reforms and extensive privatization of the formerly state-run economy. The country opened a fledgling stock exchange in 1991. Mongolia joined the WTO in 1997 and seeks to expand its participation in regional economic and trade regimes.
Growth averaged nearly 9% per year in 2004-08 largely because of high copper prices globally and new gold production. By late 2008, Mongolia was hit by the global financial crisis and Mongolia's real economy contracted 1.3% in 2009. In early 2009, the IMF reached a $236 million Stand-by Arrangement with Mongolia and it emerged from the crisis with a stronger banking sector and better fiscal management. In October 2009, Mongolia passed long-awaited legislation on an investment agreement to develop the Oyu Tolgoi (OT) mine, among the world's largest untapped copper-gold deposits. However, a dispute with foreign investors developing OT called into question the attractiveness of Mongolia as a destination for foreign investment. This caused a severe drop in FDI, and a slowing economy, leading to the dismissal of Prime Minister ALTANKHUYAG in November 2014. The economy had grown more than 10% per year between 2011 and 2013 - largely on the strength of commodity exports and high government spending - before slowing to 7.8% in 2014, 2.3% in 2015, and 1% in 2016.
The May 2015 agreement with Rio Tinto to restart the OT mine and the subsequent $4.4 billion finance package signing in December 2015 stemmed the loss of investor confidence. The current government has made restoring investor trust and reviving the economy its top priority, but has failed to invigorate the economy in the face of the large drop off in foreign direct investment, mounting external debt, and a sizeable budget deficit. However, Mongolia reached staff-level agreement with the IMF in February 2017 on an Extended Fund Facility program, and once approved by the IMF Board, the program is expected to improve Mongolia’s long-term fiscal and economic stability.
GDP$11.16 billion (2016 est.)
CurrencyTugrik
Communications
Internet TLD.mn
Internet Users642,000
Land Lines255,634
Mobile Phones3.068 million
Broadcast MediaFollowing a law passed in 2005, Mongolia's state-run radio and TV provider converted to a public service provider; also available are 69 radio and 131 TV stations, including multi-channel satellite and cable TV providers; transmissions of multiple international broadcasters are available (2017)