In June 2021, the Mongolian People’s Party (MPP) won the presidential elections, solidifying its power across all government branches. The unified position of the National Security Council and the dominant party enabled the resolution of Mongolia’s debt for a 34% share of the Oyu Tolgoi mine and the implementation of other large-scale government projects.
In 2022, Mongolia’s economy recovered to pre-COVID-19 levels. Economic growth restored to 1.4% in 2021 and 2.3% in 2022 and is expected to grow at a rate of 5.6% in 2023. The rise is mainly driven by lifted COVID-19-related restrictions, agricultural rebound and a significant surge in coal exports to China.
Mongolia’s government, aligning with its “Vision-2050”, prioritized a digital development initiative involving establishing the Ministry of Digital Development and Communication and introducing the E-Mongolia initiative. Additionally, the Ministry of Economy and Development has been established to address crucial economic matters. The reform of the fight against corruption is also at the center of the parliamentary agenda.
