Poverty in Mongolia is rapidly decreasing in urban centers despite being one of the most sparsely populated nations. Mongolia, which sits between Russia and China, saw double-digit economic growth within the past three years.
The nation ranked 90 under the High Human Development category on the U.N.’s Human Development Index, which may be due to the implementation of a fiercely ambitious development strategy in 2015.
According to the Global Gender Gap Report of 2015 by the World Economic Forum, Mongolia ranks 56, making it one of the best in its region.
The Mongolian government also instituted the Green Development Strategy, various laws in 2014 that increased regulation of minerals (the nation’s largest export).
The Green Development Strategy makes eliminating extreme poverty in Mongolia a chief priority by addressing the unequal distribution of wealth.
The Law on Glass Account is another aspect of Mongolia’s development strategy that places a focus on the preservation of cultural heritage and budget transparency.
Poverty in Mongolia is a fairly recent trend. Poverty first increased when Russia abruptly closed and dismantled its factories and stopped providing financial assistance.
Mongolians were not prepared to move to a market-based economy. Poverty began to rise as a mass of rural populations migrated to the capital, Ulaanbaatar.
Mongolia is one of the more proactive nations working to eliminating extreme poverty. China, Russia and Mongolia recently signed a trilateral economic partnership agreement in Tashkent, Uzbekistan, during the 11th meeting of the Shanghai Cooperation Organization. The three nations will be involved in more than 30 economic boosting projects.
Mongolian Minister of Foreign Affairs Lundeg Purevsuren released a statement calling the nations’ newfound cooperation a representation of “a new era of economic opportunity for Mongolia, which will continue to capitalize on its strategic location as an intermediary between East Asia and Europe.”
– Veronica Ung-Kono