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Economical Stability of Mongolia |
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 After years of flat or negative growth rates, economic growth took off in 2004 (10.6%) and is expected to stabilize at between 5 to 6% per year for the next few years (2005 estimate is 5.6%). The bulk of this growth comes from two sectors – agriculture (2004: 25% of GDP) and mining (2004: 12% of GDP). There are tangible signs of prosperity; wooden or brick houses are springing up alongside -- or instead of -- gers in the urban centers. Ulaanbaatar experiences traffic jams at almost any hour of the day. New shopping malls, restaurants, bars and discos and internet cafes are opening up every month. Inflation has stabilized to around 5%, this is being closely matched by the growth of real GDP. As the banking sector recovered from its 1997 crash, consumer confidence improved better rates of interest are constantly being offered thus encouraging domestic credit from the private sector, this while domestic and foreign deposits are growing in importance and the budget balance is improving.
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Fiscal Stability of Mongolia |
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 In 2005, the Mongolian Government published the statement that it “is committed to implementing tax policy reforms that will reduce the tax burden on labor and businesses, encourage private sector growth, and strengthen Mongolia’s competitiveness in the global market.” The Government stated that the specific objectives of these reforms were to: Increase country competitiveness by lowering the tax burden on businesses, enabling job creation Relieve the tax burden on workers by reducing the tax rate and labor costs on wage earners Simplify tax administration procedures to reduce compliance costs and arbitrariness, by focusing more on service to tax payers. Expand the tax base by reducing the size of the shadow economy. Support domestic investors by removing discriminatory tax provisions. Create a sound fiscal environment by adjusting the tax system into a proper structure.
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Foreign Investments in Mongolia |
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 One of the factors that is helping the economic growth is the surprising rate of foreign direct investment. Since 1990 till the end of 2003, there were registered 3,042 foreign invested companies from 73 countries with a total direct investment of about one billion USD in the country.
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Mining in Mongolia |
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 The economic boom is supported by strong speculations surrounding the
mining industry in Mongolia; many foreign companies have invested very
heavily into the country to tap into those considerable resources.
Mongolia is also a large field of copper, gold, coal, uranium, zinc as
well as many other minerals. Oil has also been found in quantities
sufficient for domestic needs but more is expected to be found. Siberia
to the north, China to the south and Kazakhstan to the West all have
considerable oil deposits. Kazakhstan is a market quite similar to
Mongolia in its progress and subsequent boom. Large international mines
have set up sizeable operations in Mongolia and have, for the better
part, completed their exploration phases and are moving ahead with the
building of the mines and the extraction of the minerals. Most mining
companies are also analyzing the possibilities of creating added value
in Mongolia by implementing refining and mine support operations in
Mongolia.
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About Mongolia 
