Asian Development Bank and Mongolia: Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on Mongolia as well as concise information on ADB's operations in the country and contact information. Mongolia is successfully transforming into a market economy with an annual gross domestic product (GDP) growth of 9.6% in real terms over the last 5 years and GDP per capita reaching more than $1,800 in current prices at the end of 2008. Strong growth in the value of Mongolia’s main mineral exports contributed to a budget surplus in 2006 and 2007. Despite positive growth trends, poverty levels remain high, with more than a third of the population classified as poor. Greater diversification of the economy, supported by better-targeted social assistance, will be essential for sustained growth and poverty reduction. The Government’s Socio-Economic Guidelines aim to enable private sector-led growth to raise living standards and reduce income disparities.