Contribution of Agriculture to Economic Growth in Mongolia


Dansranbavuu.L, Natsagdorj.B, Tsolmon.S, Nasanjargal.P, Scott.P.H, Enkhchimeg.Ts, Vol. 1, No. 2, pp. 23-32, Dec. 2017
10.22662/IJEMR.2017.1.2.023, Full Text:
Keywords: Agriculture, economic growth, economies of scale, globalization, export, Mongolia

Abstract

Background/Objectives: Despite the fact that Mongolia's real economy declined by -1.3% in 2009, it has actually increased by an average of 7% between 2000 and 2016. However, the real economic growth of the country has had an uneven impact on the lives of the people and the inequality in income is continually increasing. Methods/Statistical analysis: In recent years, many projects have been implemented to support SME’s in order to increase production and create more jobs in Mongolia. Also some discounted loans have been provided for the same purpose. Unfortunately these large loans and other policy support have not been effective. This is evident due to the fact that the poverty rate has increased by 8 percentage points to 29.6% from 2014 to 2017, and additionally, the unemployment rate went from 8.6% at the end of 2016 to 9.1% by the third quarter of 2017, compared to the 7.8% rate which is where it was, at the end of 2013. Foreign trade turnover was $11.1 billion at the end of 2012, and dropped to $ 8.3 billion by the end of 2016, which was a decrease of some $ 2.8 billion, or 25.6%. Findings: In this study, we will look into the contribution of the agricultural sector toward improving economic growth, Improvements/Applications: and we will propose some useful ideas to help develop the agricultural sector, including some innovations for creating more export-oriented jobs, in order to improve the real economic growth of the country, as whole


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Cite this article
[APA Style]
Dansranbavuu.L, Natsagdorj.B, Tsolmon.S, Nasanjargal.P, Scott.P.H, & Enkhchimeg.Ts (2017). Contribution of Agriculture to Economic Growth in Mongolia. International Journal of Emerging Multidisciplinary Research, 1(2), 23-32. DOI: 10.22662/IJEMR.2017.1.2.023.

[IEEE Style]
Dansranbavuu.L, Natsagdorj.B, Tsolmon.S, Nasanjargal.P, Scott.P.H and Enkhchimeg.Ts, "Contribution of Agriculture to Economic Growth in Mongolia," International Journal of Emerging Multidisciplinary Research, vol. 1, no. 2, pp. 23-32, 2017. DOI: 10.22662/IJEMR.2017.1.2.023.

[ACM Style]
Dansranbavuu.L, Natsagdorj.B, Tsolmon.S, Nasanjargal.P, Scott.P.H, and Enkhchimeg.Ts. 2017. Contribution of Agriculture to Economic Growth in Mongolia. International Journal of Emerging Multidisciplinary Research, 1, 2, (2017), 23-32. DOI: 10.22662/IJEMR.2017.1.2.023.