Economy

     Mongolia’s economy is comprised mainly of agricultural products but the true highlight has been the fastest growing mining-sector in the world that is rapidly changing the Mongolian economy. Largely in part to the largest copper deposit in the world called Oyu Tolgoi Mine, and also a huge coal deposit called the Tavan Tolgoi. Mongolia joined the World Trade Organization in 1997. GDP growth averaged 9% per year during 2004-2008. Mongolia’s main export partner is China which receives more than 90% of Mongolian exports. While Mongolia imports up to 95% of its energy needs from Russia. Real GDP growth was 12.7% in 2012 catapulting the Mongolian economy to the 5^th fastest growing in the world for 2012; however, total GDP remained at only 10 billion making it exceptionally small when compared to other developing nations. Mongolia also currently battles a stubbornly high inflation rate of 12.9% in 2012 and 39.2% of the population is below the poverty line. 

https://www.cia.gov/library/publications/the-world-factbook/geos/mg.html