Mongolia is a large, rather sparsely populated country that lies between China and Russia. Best known as the birthplace of Genghis Khan, its current significance lies in its mineral resources, estimated in 2013 to value over half a trillion U.S. dollars. These deposits have led to strong growth in the past but left the country exposed to the Commodity Slump of 2015.
Mongolia is beginning to shift towards a service-based economy. The workforce is moving from agricultural to service jobs, and the growth rate for the value added in services is increasing. This reflects both the increasing urbanization of the country and a global trend towards services.
The outlook for Mongolia is positive. This shift towards services suggests economic diversification, decreasing the risk of repeating the 2015 recession. Doing business in the country is also easy, consistently taking less than two weeks to start a business. Tax compliance was also rated positively, suggesting that Mongolia’s favorable business environment could promote growth and diversification in the future.
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