Mongolia is located in eastern Asia between Russia and China. This area became established around the 13th century when the Mongols conquered a large portion of Eurasia. A couple hundred years later, the area was taken by Chinese rule, and remained that way until 1921 when it won it’s freedom with Russian support. The economy was in the hands of the communists from 1924 until the early 1990s. During that time the economy and the political system had become outdated, and inefficient. Since then there has been much turmoil and controversy on where Mongolia should look next. The struggle has left Mongolia crippled, and struggling to find answers. Below is an overview of the current Mongolian economy, and standard of living.

Infant mortality rate: 57 deaths/1,000 live births

There are still countless other ways that a country that is struggling like Mongolia can improve. But, if they take what they have, and make it better they stand the best chance at creating a skilled work-force, a sound political system, and a vibrant population. The old influences of Russian and Chinese communism must be rid of, and a sense of Mongolian nationalism and support for businesses must arise. Only then can their people be given the chance to succeed and realize their full potential.

As businesses in Mongolia continue to develop, scarce agricultural products must also be produced to supply the citizens, and businesses’ demand.

There is a large labor force in Mongolia. Half of that labor force works for $2 or less a day. Their standard of living is poor. Roughly 36% of Mongolians are under the level of poverty, and 20% are unemployed. Often overlooked, these people are invaluable to the recovery of Mongolia. Because they were not allowed to become involved in politics or industry, communism’s grip was slowly lost.

Since 1991 over 10,000 private business have been created in Mongolia. Many of them are small companies that operate across the country, and in neighboring parts of Asia. The successful entrepreneurs often buy their cars from Japan, or the United States, but they look for goods such as clothing and cell phones locally. And are in search of local restaurants and night clubs to cater to their tastes.

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