Once the heartland of an empire stretching from modern day Iraq to the Korean Peninsula, Mongolia no longer uniformly conforms to the romantic image of ger-dwelling pastoral nomads. Indeed, the capital, Ulaanbaatar is now a modern urban metropolis, with a growing population of more than 1.5 million.
Following the collapse of the U.S.S.R, Mongolia’s ruling party stepped down in 1991, allowing the country to embrace a healthy democracy and free market principles. Mongolia has a rapidly developing tourism industry and a stable economy backed by vast mineral reserves and natural resources. Consumption patterns indicate wealth created by the mining industry has resulted in a broader middle class, increasing demand in the real estate market.
Mongolia’s indebtedness both relative to its Gross Domestic Product
As any businessperson in Mongolia will tell you, the country’s
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At first glance, the coal rich lands of Mongolia might not seem to be