Хураангуй:
Countries with non-renewable natural resources face opportunities and challenges. When used properly, these resources will bring prosperity to present and future generations; however, misuse or waste can lead to economic instability, social conflict and continued environmental degradation.
The mining industry is the backbone of Mongolia's current development. The current economic model, which is overly dependent on mining, is unlikely to bring sustainable growth in the future, and there is a risk of stagnation in the future. Therefore, this study compares ways to overcome Mongolia's turbulent economic situation, based on examples from other countries. According to the study, Mongolia's economic growth is highly dependent on mining rather than intelligence (human and institutional capital). Unable to diversify its resources and products, Mongolia is becoming increasingly vulnerable to global commodity prices. Creating a diversified economy requires supporting intangible resources or improving the functioning of labor markets, attracting and retaining skilled talent, improving public investment management, and making the policy-making process transparent and open.
