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Mongolia

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Index
  1. Mongolia Main Page
  2. Chinese-Russian Treaty
  3. Mongolian Democratic Revolution
  4. Mongolia's Economy Grows and So Does Worry Over China
  5. Elbegdorj Wins Reelection in 2013
Mongolia's Economy Grows and So Does Worry Over China

In recent years, Mongolia has shown signs of economic growth. In February 2011, Citigroup placed Mongolia on its list of Global Growth Generators, one of the countries with the most promising growth prospects from 2010—2050. Also in 2011, the Mongolian Stock Exchange, had a total market capitalization of $2 billion (in U.S. dollars), quadrupling from $406 million in 2008.

However, Mongolia continued to be vulnerable to China's near monopoly over the country's exports and was still forced to take 30 percent less than their goods would be worth on the open market. In April 2012, news broke that Ivanhoe Mines of Canada was going to sell its majority share of a Mongolian coal mine to a Chinese state-owned aluminum manufacturer. The announcement forced Parliament to pass long-standing legislation prohibiting foreign enterprises from purchasing a majority of the country's industries without approval from the government. To balance its reliance on China, Mongolia has reached out to the United States, sending its troops to Afghanistan, Iraq and Alaska where they train with the National Guard.

In June 2012, President Elbegdorj was honored as a Champion of the Earth for his commitment to environmental protection. The award came from the United Nations Environmental Programme. In July 2012, U.S. Secretary of State Hillary Rodham Clinton visited Mongolia and commended Elbegdorj on his efforts to end corruption and on the country's democratic progress. In August 2012, Norov Altankhuyag assumed office as the country's new prime minister.

Next: Elbegdorj Wins Reelection in 2013
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