Economic Development in Mongolia

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College of Engineering
Technology Management, Economics and Policy Program

Technology Management, Economics and Policy Papers

Economic Development in MONGOLIA
Erkhemchimeg BYAMBASUREN and Almas HESHMATI

TEMEP Discussion Paper No. 2010:53

공 과 대 학, 기술경영경제정책 대학원과정 151-742 서울시 관악구 신림동 산 56-1 Technology Management, Economics and Policy Program College of Engineering, Seoul National University San 56-1, Shillim-Dong, Kwanak-Gu, Seoul 151-742 ,KOREA Phone: ++82-2-880-9140, Fax: ++82-2-880-8389

Technology Management, Economics and Policy Program (TEMEP) is a graduate program at the Seoul National University. It includes both M.Sc. and Ph.D. programs which are integrated into the graduate program at the College of Engineering. TEMEP Discussion Papers is intended to serve as an outlet for publishing research about theoretical, methodological and applied aspects of industrial economics, especially those related to the institute’s areas of specialization, namely management of technology, information and telecommunication, health and energy industries, as well as development economics infrastructure. In particular submission of studies analyzing current technology and industry related issues and discussion of their implications and possible alternative policies are welcome. The objective is to gain insights into important policy issues and acquiring a balanced viewpoint of policymaking, technology management and economics which enable us to identify the problems in the industries accurately and to come up with optimal and effective guidelines. Another important aim with the series is to facilitate communication with external research institutes, individual researchers and policy makers. Research disseminated by TEMEP may include views on information and telecommunication, technology management, energy, health and development economics policy, but the institute itself takes no institutional policy positions. When appropriate the policy views of the institute are disseminated in separate policy briefs. Thus, any opinions expressed in TEMEP Discussion Papers are those of the author(s) and not necessarily the institutes. Editor: Almas Heshmati Professor of Economics Technology Management, Economics and Policy Program College of Engineering #37-306, Seoul National University San 56-1, Shilim-dong, Kwanak-gu Seoul 151-742 Korea Phone: 0082-(0)2-880-5845 Fax: 0082-(0)2-886-8220 E-mail:

Erkhemchimeg BYAMBASUREN and Almas HESHMATI1 Technology Management, Economics and Policy Program, College of Engineering, Seoul National University E-mail addresses: and February 12, 2010 ABSTRACT Mongolian economy has evolved rapidly in recent decades. It has a number of particular features which makes it interesting to study from a development perspective. One is the landlocked condition which limits its development potential. Another is its high dependence on a few products and natural resources like minerals, energy and agriculture. A third is the large scale of its natural resources with its low population density. This report aims to present a detailed analysis of the abovementioned aspects of the Mongolian economy and its development. It sheds light on conditions for sustainable economic development in the country. The objective is to mobilize available resources to enhance Mongolia’s self-sufficiency and reduce its vulnerability and dependency on its two economically, politically and militarily powerful neighbors. This is conducted in a descriptive and simple but illustrative way. The report provides general information about the Mongolian economy and society compared with its neighbors serving as reference for investors, planners and decision-makers. The report is divided into five main parts. The first part contains a general introduction to the economy of Mongolia. The second part is on the development and the...
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