Mongolia in 2023 and 2024: Economic Recovery and International Attention Available to Purchase

From the uncertainty of a global pandemic, the Mongolian economy has stabilized through coal and copper exports over the past two years. Political developments culminated in the parliamentary election of June 28, 2024, which led to a continuation of the Mongolian People’s Party government, albeit in a new coalition with the Democratic Party and the HUN Party. Prime Minister L. Oyun-Erdene continues to lead the government, and few policy changes are expected from the shift to a coalition. Russia’s invasion of Ukraine continues to reverberate around the world and to define Mongolia’s geopolitical situation. Domestic opinion remains divided on relations with Russia, while Russian President Putin continues to exhibit the attitude of a benevolent regional hegemon toward countries like Mongolia. The confrontation with the Russian regime has led OECD countries and some Asian countries to intensify relations with and official visits to Mongolia.