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. Despite recent improvements, however, growth has been insufficient to ameliorate the living conditions of a large percentage of the population that fell into poverty in the early transition years. The country’s productive base, and its capacity to generate jobs and equitable growth, remains narrow and vulnerable to factors such as weather and commodity prices. Consequently, growth has not been equitable and inclusive in recent years for many of the poor. More than 35% of the population remains below the poverty line. Greater diversification of the economy, supported by better-targeted social assistance, will be essential to sustained growth and poverty reduction. The Government’s Socio-Economic Guidelines are aimed, among other objectives, at expanding private sector-led growth to raise living standards and reduce income disparities, and social development to improve income opportunities and the quality of public services and access.