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Mongolia

Yearbook 2016

Mongolia. According to countryaah, the current population of Mongolia is 3,278,301. Agriculture was affected by drought and poor harvest from the previous autumn and by a harsh winter that threatened the livestock. The cold reached minus 50 ~ C and the snow prevented the shepherds from moving their livestock to fields where they could find bait. Hundreds of thousands of camels, horses, cows, sheep and goats succumbed and aid agencies predicted that the figure would rise to over 1 million.

2016 Mongolia

The owner of the huge copper mine Oyu Tolgoi decided during the year on investments of $ 5.3 billion to expand production. It was expected to provide thousands of new jobs.

Mongolia's previous record-growing economy was almost at a standstill with rapidly growing foreign debt following falling prices for coal and copper and declining demand from China. In the capital Ulaanbaatar, construction had stopped with half-finished office buildings and hotels.

Mongolia Population

US Secretary of State John Kerry visited Mongolia in June and praised the country as an "oasis of democracy" in a difficult environment between the Russian Federation and China. At the same time, criticism from the US Foreign Ministry came in a report on human rights for unclear legislation and a lack of transparency that favors corruption.

After the electoral law was changed to the detriment of small parties, the parliamentary elections in June became a clash between two major blocs, the ruling Democratic Party (AN) and the opposition Mongolian People's Party (MAN).

In the opinion, AN was blamed for the decline of the mining industry and the economy. The party had promised that wealth from the mines would be spread to everyone, but instead investors had withdrawn and the economy slowed.

The opposition therefore won a landslide victory. MAN increased from 26 to 65 seats, while the ruling AN lost about three-quarters of its mandates and stayed at 9. MAN gained a solid majority in Parliament and was expected to attract investors.

Both the Prime Minister and the President lost their seats in Parliament. Former Finance Minister Jargatulga Erdenebat, 42, from MAN became the new head of government. He was described as representing a new generation of well-educated and professional Mongolian politicians. But Erdenebat ended up in conflict with President Tsachiagijn Elbegdorj, who felt that some ministerial appointments led to conflicts of interest, including that a wealthy businessman was given responsibility for Mongolia's high foreign debt.

In July, Mongolia hosted the Asian-European summit ASEM, which included, among others, EU leaders.

In August, the central bank raised the interest rate to a record high of 15% in an attempt to curb the currency's tug of war against the dollar. The new government sought to follow the International Monetary Fund's (IMF) call to cut government salaries, reduce welfare benefits and hold back student loans in hopes of reducing the budget deficit and being approved as recipients of IMF support.

Despite the austerity, the budget deficit turned out far worse than expected. In August, more than 20% of GDP was declared. In the revised budget for the year presented, the goal was to reduce the deficit to around 18%.

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