Mongolia’s economy is at a critical turning point. With the development of the country’s mining sector (especially in gold, copper and coal), mining revenues should translate into significant new financial profits for the country. However, the government faces significant impediments to managing this windfall, including limited administrative capacity, an inefficient bureaucracy, declining government accountability, a vulnerable and undiversified economy, a youthful population largely lacking the skills needed for the emerging economy and growing income disparities.
Mongolia recognizes the need to harness its mineral wealth to lower poverty, raise household incomes, increase political participation (particularly among women and the poor) and steadily improve living standards for all Mongolians.
USAID will play a catalytic role in supporting an enhanced role for the private sector in Mongolia’s economic growth by complementing and supporting the Government of Mongolia’s strategy to advance business enabling policies, strengthen private sector competitiveness, promote diversification across economic sectors and increase financial sector capacity.
Last updated: April 17, 2014