Mongolia

Mongolia, a landlocked country in Asia, is bordered by Russia to the north and China to the south, east, and west. It won its independence in 1921. Following the break-up of the socialist regime, Mongolia established a parliamentary democracy; and 20 years later, this remains one of just a few in Asia. Mongolia is divided into 21 provinces, with Ulaanbaatar as the capital. The official language of Mongolia is Mongolian, and the currency is the Mongolian tugrik (MNT).

Economic activity in Mongolia has traditionally been based on agriculture. Mongolia's extensive mineral deposits have attracted foreign investors in the booming years following 2010. The country holds copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits. 

Despite the commodity price surge favourably reflecting Mongolia’s exports, China’s further containment measures are resulting in a slow growth for the Mongolian economy, where exports of goods and services to China makes up 82.6% of the total.

Over the medium-term, economic growth is expected to reach 6.2% in 2024, supported by Oyu Tolgoi’s underground operation that commenced during H2 2023 and the New Revival Policy implementations of Port, Energy, and Industrial Revival strategies.

PwC Mongolia supports clients in all sectors of the economy, including energy, financial services, consumer and industrial products, telecommunications, and services, with the local knowledge and skills of its people and with access to a broad range of other professionals across the PwC global network of firms.