Why has Mongolia's economic growth been weaker than the economic growth of Taiwan and China?
I think because it is surrounded by land so it's harder to trade, and because of it only recently changed to a democratic gonverment.
The U.S. and Canada are nearly surrounded by water -- and yet we both have healthy trades.
Look at Mongolia's economy and government in the last 50 years.
So. . . yes. .?
Mongolian exports per capita are much lower and their percent of individuals living below the poverty line is almost 30%. If you are asking for a more historic answer, I am not an expert but it is most likely caused by the various industries in both nations (one being herding and the other being the export of electronics as well as a major site for foreign investment)
www.nationmaster.com/country-info/compare/Mongolia/Taiwan/Economy
well yeah and mongolia does have more of a market for minerals and livestock so that might be another reason?
You are partially correct. Mongolia's economic growth has indeed been weaker compared to Taiwan and China for various reasons. While geographical factors can play a role, there are several other important factors that have contributed to Mongolia's slower economic growth.
1. Resource Dependency: Mongolia's economy heavily relies on the extraction and export of natural resources, particularly mineral resources like coal, copper, and gold. The global commodity price fluctuations have a significant impact on Mongolia's economy. For instance, when commodity prices are low, Mongolia's revenue and economic growth are adversely affected.
2. Landlocked Geography: As you mentioned, Mongolia's landlocked geography poses challenges for international trade. Being surrounded by landlocked countries limits its access to seaports and increases transportation costs, which can deter foreign investment and hinder export potential.
3. Infrastructure and Connectivity: Mongolia's infrastructure, such as roads, railways, and logistical networks, is relatively underdeveloped compared to Taiwan and China. Insufficient infrastructure can impede the smooth flow of goods and services and hinder economic growth. However, Mongolia has been working on improving its infrastructure in recent years with investments in infrastructure projects, such as the New Ulaanbaatar International Airport and railway networks.
4. Political Transitions: Mongolia's transition to a democratic government in the early 1990s brought about political and economic changes. However, the transition period involved various challenges, including a steep learning curve for democratic institutions, policy uncertainties, and corruption issues. These factors may have slowed down the pace of economic development and affected investor confidence.
It is important to note that economic growth is a complex process influenced by multiple factors, and the comparison between countries can be influenced by a range of unique circumstances. By considering these factors, we can better understand the reasons behind Mongolia's weaker economic growth compared to Taiwan and China.