Coat of Arms
President Tsakhiagiin Elbegdorj
»Unitary parliamentary constitutional republic
»1,564,115.75 km2 (19th)
» Per capita -$11,024
» Per capita -$26.8 billion
»(UTC+7 to +8
Ulaanbaatar, the capital and also the largest city, is home to about 45% of the population. Mongolia’s political system is a parliamentary republic.
The area of what is now Mongolia has been ruled by various nomadic empires, including the Xiongnu, the Xianbei, the Rouran, the Turkic Khaganate, and others. In 1206, Genghis Khan founded the Mongol Empire, and his grandson Kublai Khan conquered China to establish the Yuan Dynasty.
After the collapse of the Yuan, the Mongols retreated to Mongolia and resumed their earlier pattern of factional conflict except the era of Dayan Khan and Tumen Zasagt Khan.
In the 16th centuries, Tibetan Buddhism began to spread in Mongolia and it has been accelerated by the unwavering support of Qing governments after Mongolia had been incorporated by the Qing dynasty. In the 1900s, almost half of the adult male population were Buddhist monks.
Economic activity in Mongolia has traditionally been based on herding and agriculture, although development of extensive mineral deposits of copper, coal, molybdenum, tin, tungsten, and gold have emerged as a driver of industrial production.
Besides mining (21.8% of GDP) and agriculture (16% of GDP), dominant industries in the composition of GDP are wholesale and retail trade and service, transportation and storage, and real estate activities.
The grey economy is estimated to be at least one-third the size of the official economy. As of 2006, 68.4% of Mongolia’s exports went to the PRC, and the PRC supplied 29.8% of Mongolia’s imports.
Because of a boom in the mining sector, Mongolia had high growth rates in 2007 and 2008 (9.9% and 8.9%, respectively).In 2009, sharp drops in commodity prices and the effects of the global financial crisis caused the local currency to drop 40% against the U.S. dollar.
Mongolia was never listed among the Emerging markets countries until February 2011 when Citigroup analysts determined Mongolia to be one of Global Growth Generators countries which being countries with the most promising growth prospects for 2010–2050.
The Mongolian Stock Exchange, established in 1991 in Ulaanbaatar, is among the world’s smallest stock exchanges by market capitalisation. In 2011, it had 336 companies listed with a total market capitalization of US$2 billion after quadrupling from US$406 million in 2008.
Mongolia made a significant improvement on the ease of doing business in 2012, moving up to rank 76 compared with 88 last year in the “Doing Business” report by the International Finance Corporation
Rugged Mongolia is an adventure destination where travellers can see the traditions the past still practised today by hardy nomads dwelling on the country’s vast steppes and deserts.
Mongolia’s nomadic culture is famous – visitors can sleep in a herder’s ger (traditional felt yurt), help round up the sheep, ride horses and simply ‘get back to nature’.
The legacy of Chinggis Khaan and resurgent nationalist pride sharpens the experience. A culture of tremendous hospitality makes locals more accessible. In a world beset by locks and gates, it’s refreshing to meet people willing to open their doors to strangers.
- Mongolia is a big country that has been beyond the reach of travelers and the normal trappings of civilization until very recently.
- Even today it can be difficult to travel between the few places that ‘exist’.
- There is not a whole lot of noteworthy architecture in the country.
- Except for the short-lived capital of the Mongol Empire at Karakorum, the descendants of Genghis Khan did not leave much evidence of their power inside their native homeland.
- Genghis Khan, who leveled cities from the Yellow Sea to the Caspian, was said to have only built one permanent building during his life, a warehouse to store his stupendous amount of loot.