Mongolia’s Future and Declining Raw Material Prices

Mongolia is a country whose Gross Domestic Income relies heavily on raw material prices. The recent downturn in important commodity prices like copper or coal affect national income, taxes and the social welfare system. Mongolia should try to diversify its industries further to become less dependent on commodity business cycles. Mongolia should also try to lower the rate of corruption, which in many countries is highly correlated with mining businesses. Modern high tech companies and business technologies are corruption averse. Relationships based on corruption are short-lived and instable. This is what those companies do not like. A country like Mongolia that strives towards high wealth and less dependence on commodities should try to get rid of corruption