This paper will give an overview of the key challenges and prospects that Mongolia faces in 2023. It aims to cover recent events in the country’s economic, political, and geopolitical spheres, thereby introducing Mongolia to a wider audience interested in learning more about the country and its place in regional and international affairs. It should be of particular interest to business people, and policy makers in government and non-government organisations.
This paper focuses on ways in which Mongolia can work with the outside world on economic, geopolitical, and environmental issues. Getting a better understanding of Mongolia’s current prospects is timely. The global situation is becoming more complex as the world emerges from the COVID-19 pandemic. Many things have changed. In particular, economic growth has slowed across the world. In the US, Europe and China, which account for over half of global GDP, there are a constellation of issues from inflation, energy supply, low or negative growth, and loss of consumer and investment confidence. The Russian invasion of Ukraine in early 2022 provided a further source of anxiety. 2023 will be a crucial year, showing whether the impact of these various factors will prove to be shorter term, or reach into a longer timeframe.
We will look at the situation of Mongolia in this global context. In particular, highlighting its economic and international links, and the current challenges it faces with regards to energy and the global energy market. The paper will assess the impact of the COVID-19 pandemic, and what kind of role combatting climate change environmental issues will play for the country. The paper will then focus on geopolitical issues – Mongolia’s relations with Russia, China, US, and other security matters and seek to provide a holistic framework by which to understand its potential impact on the country’s international position, and also its future opportunities. Finally, it will look at prospects and seek to plot out where the country is heading, what sort of relations it will need, and what international status does it seek.
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