The Contribution of the Mining Sector to the Economic and Social Development of Mongolia
The economic and social development of Mongolia is highly dependent on global market conditions, international economic trends, and the environment for foreign investment. The country’s economic growth has primarily relied on the production of the mining and mineral resources sector. The mining sect...
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| Format: | Article |
| Language: | English |
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Institute of International Studies, Mongolian Academy of Sciences
2024-12-01
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| Series: | The Mongolian Journal of International Affairs |
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| Online Access: | https://mongoliajol.info/index.php/MJIA/article/view/3792 |
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| author | Davaasuren Avirmed Khishigjargal Bold |
| author_facet | Davaasuren Avirmed Khishigjargal Bold |
| author_sort | Davaasuren Avirmed |
| collection | DOAJ |
| description | The economic and social development of Mongolia is highly dependent on global market conditions, international economic trends, and the environment for foreign investment. The country’s economic growth has primarily relied on the production of the mining and mineral resources sector. The mining sector occupies a significant position in Mongolia’s industrial production. Furthermore, mining and extractive industries make a substantial contribution to tax revenues in Mongolia's unified state budget. Export revenues from products such as copper concentrate, coal, iron ore, and fluorspar play a vital role in funding the state budget.
Over the past decade, the share of the mining sector in GDP, unified state budget revenues, and total exports has increased, while its share in industrial production and total imports has shown a declining trend. These changes have been influenced by unfavorable global economic conditions, declining prices of mineral resources in international markets, and factors such as the COVID-19 pandemic.
Except for copper concentrate, Mongolia predominantly exports raw mining products without further processing. Therefore, to implement the goals outlined in the country's long-term development policy, “VISION-2050”, the government needs to take more resolute and consistent measures to process mining products domestically. |
| format | Article |
| id | doaj-art-e8275d6c31df47dd8da11e8fb5d3ae6c |
| institution | DOAJ |
| issn | 1023-3741 2709-572X |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Institute of International Studies, Mongolian Academy of Sciences |
| record_format | Article |
| series | The Mongolian Journal of International Affairs |
| spelling | doaj-art-e8275d6c31df47dd8da11e8fb5d3ae6c2025-08-20T03:10:47ZengInstitute of International Studies, Mongolian Academy of SciencesThe Mongolian Journal of International Affairs1023-37412709-572X2024-12-01251810.5564/mjia.v25i1.37923743The Contribution of the Mining Sector to the Economic and Social Development of MongoliaDavaasuren Avirmed0https://orcid.org/0000-0002-1677-5789Khishigjargal Bold1https://orcid.org/0000-0003-3628-1257Institute of International Studies, Mongolian Academy of Sciences Ulaanbaatar, MONGOLIAInstitute of International Studies, Mongolian Academy of Sciences Ulaanbaatar, MONGOLIAThe economic and social development of Mongolia is highly dependent on global market conditions, international economic trends, and the environment for foreign investment. The country’s economic growth has primarily relied on the production of the mining and mineral resources sector. The mining sector occupies a significant position in Mongolia’s industrial production. Furthermore, mining and extractive industries make a substantial contribution to tax revenues in Mongolia's unified state budget. Export revenues from products such as copper concentrate, coal, iron ore, and fluorspar play a vital role in funding the state budget. Over the past decade, the share of the mining sector in GDP, unified state budget revenues, and total exports has increased, while its share in industrial production and total imports has shown a declining trend. These changes have been influenced by unfavorable global economic conditions, declining prices of mineral resources in international markets, and factors such as the COVID-19 pandemic. Except for copper concentrate, Mongolia predominantly exports raw mining products without further processing. Therefore, to implement the goals outlined in the country's long-term development policy, “VISION-2050”, the government needs to take more resolute and consistent measures to process mining products domestically.https://mongoliajol.info/index.php/MJIA/article/view/3792mongolia“vision-2050”covid-19gdpunified state budgetindustrial sectorcopper concentratecoaliron orefluorsparexportimport |
| spellingShingle | Davaasuren Avirmed Khishigjargal Bold The Contribution of the Mining Sector to the Economic and Social Development of Mongolia The Mongolian Journal of International Affairs mongolia “vision-2050” covid-19 gdp unified state budget industrial sector copper concentrate coal iron ore fluorspar export import |
| title | The Contribution of the Mining Sector to the Economic and Social Development of Mongolia |
| title_full | The Contribution of the Mining Sector to the Economic and Social Development of Mongolia |
| title_fullStr | The Contribution of the Mining Sector to the Economic and Social Development of Mongolia |
| title_full_unstemmed | The Contribution of the Mining Sector to the Economic and Social Development of Mongolia |
| title_short | The Contribution of the Mining Sector to the Economic and Social Development of Mongolia |
| title_sort | contribution of the mining sector to the economic and social development of mongolia |
| topic | mongolia “vision-2050” covid-19 gdp unified state budget industrial sector copper concentrate coal iron ore fluorspar export import |
| url | https://mongoliajol.info/index.php/MJIA/article/view/3792 |
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