Source: Frontier Securities                          Date: 08 September, 2011

The growth in Mongolia's economy is producing change never before seen in Mongolia. As Mongolia's GDP nomadic lifestyles are slowly becoming less common, poverty is on the decline, employment is up and the population is growing steadily.

Mongolia's economy grew by 17.3 percent in the second quarter of 2011, reported the World Bank. This has led to the rise of income as wages have nearly doubled. Poverty in Mongolia has fallen dramatically across the country. In the city, poverty fell by 27.2 percent from 2002 to 2008 and 23.1 in the countryside.

The nomadic lifestyle in Mongolia is also falling into decline as wealth comes to Mongolia. People have begun to prefer settling in one location, whether it is a city, provincial capital or rural town. About 40 percent of Mongolia's population lives in Ulaanbaatar and in 2002 a further 23 percent moved to Darkhan, Erdent, provincial capitals, and small rural communities.

Mongolia's population growth was 1.2 percent, estimated the World Bank in 2007. Approximately 59 percent of the total population is under 30 years old, 27 percent of who are under 14. Ulaanbaatar's population was estimated at just over one million in 2008.