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Over the past 30 years, Mongolia has transformed into a vibrant democracy, tripling its GDP per capita since 1991. Primary school enrollments are at 97 percent. Infant mortality rate per 1,000 live births declined from 13.6 in 2017 to 11.6 in 2021, but maternal mortality rate per 100,000 live births increased from 26.9 in 2017 and reached 94.9 in 2021. With vast agricultural, livestock and mineral resources, and an educated population, Mongolia’s development prospects look promising in the long-term assuming the continuation of structural reforms. 

Mongolia’s economic growth is projected to rise slightly but remain modest at 2.4 percent in 2022, with the rise mainly driven by the removal of COVID-19 related restrictions and a strong rebound in the agriculture sector. Rising private and public investments and household consumption are expected to support domestic demand. However, lingering border frictions with China, weaker global economic prospects, and higher prices of imports due to the war in Ukraine are expected to constrain the economic recovery.

Mongolia's national poverty headcount rate in 2020 was 27.8 percent, 0.6 percentage points lower than in 2018. While estimates show that poverty in 2020 was slightly lower than it was in 2018, the COVID-19 pandemic has sharply slowed down the pace of poverty reduction. Simulations indicate that had the COVID-19 pandemic not occurred, the poverty rate may have declined to 24.3 percent in 2020, suggesting that the pandemic may have contributed to an increase in poverty by about 3.5 percentage points in 2020. The wide array of COVID-19 relief packages, including top-ups on existing social assistance programs, played a crucial role in preventing a rise in poverty between 2018 and 2020.

To ensure sustainable and inclusive growth and to reduce poverty, Mongolia will also need to strengthen governance; build institutional capacity to manage public revenues efficiently; allocate its resources effectively among spending, investing, and saving; and ensure equal opportunities to all its citizens in urban and rural areas. 

Last Updated: Oct 06, 2022


Mongolia: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments
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Ulaanbaatar, +(976) 7007 8200
5th Floor, MCS Plaza Building, Seoul Street-4, Ulaanbaatar-210644
Washington, 202-473-4709
Washington DC