Country rating

D3

SENSITIVE RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD13.13bn (World ranking 132, World Bank 2020)
Population 3.28mn (World ranking 133, World Bank 2020)
Form of state Semi-presidential republic
Head of government Ukhnaagiin Khürelsükh (President)
Next elections 2027 (presidential)
  • Large natural resources (cooper, iron ore, gold)
  • Proximity to China and Russia with whom it maintains good economic relations
  • High external vulnerability including high external debt, large current account deficit and a strong dependence on raw material exports to China
  • Poor macroeconomic policy management
  • Considerable exchange rate volatility and vulnerability
  • Lack of economic diversification
  • Weak banking sector
  • High poverty rate, high inequality pose a risk to social stability
  • Increased exposure to natural disasters due to climate change
  • Poor regulatory environment

Trade structure by destination/origin

(% of total, 2020)

Exports Rank Imports
China 92.1%
1
33.6% China
United Kingdom 1.4%
2
30.3% Russia
Russia 1.0%
3
7.3% Japan
Switzerland 1.0%
4
4.2% South Korea
Italy 0.8%
5
3.6% United States

Trade structure by product

(% of total, 2020)

Exports Rank Imports
Metalliferous ores and metal scrap 45.4%
1
17.6% Petroleum, petroleum products and related materials
Coal, coke and briquettes 35.4%
2
13.5% Road vehicles
Petroleum, petroleum products and related materials 4.5%
3
5.9% Specialised machinery
Gold, non-monetary (excluding gold ores and concentrates) 2.9%
4
5.1% Electrical machinery, apparatus and appliances, n.e.s.
Textiles fibres and their wastes 2.5%
5
4.7% Other industrial machinery and parts
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