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Mongolia Flag

Mongolia Flag
Flag of Mongolia
Mongolia flags for displaying indoors or out.
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Mongolia

Mongolia Background

The Mongols gained fame in the 13th century when under Genghis KHAN they conquered a huge Eurasian empire. After his death the empire was divided into several powerful Mongol states, but these broke apart in the 14th century. The Mongols eventually retired to their original steppe homelands and came under Chinese rule. Mongolia won its independence in 1921 with Soviet backing. A Communist regime was installed in 1924. During the early 1990s, the ex-Communist Mongolian People's Revolutionary Party (MPRP) gradually yielded its monopoly on power to the Democratic Union Coalition (DUC), which defeated the MPRP in a national election in 1996. Over the next four years, the DUC put forward a number of key reforms to modernize the economy and to democratize the political system. The former Communists were a strong opposition that stalled additional restructuring and made implementation difficult. In 2000, the MPRP won an overwhelming victory in the legislature - with 72 of the 76 seats - and completely reshuffled the government. While it continues many of the reform policies, the MPRP has focused on social welfare and public order priorities.

Mongolia Economy

Economic activity traditionally has been based on agriculture and breeding of livestock. Mongolia also has extensive mineral deposits; copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Soviet assistance, at its height one-third of GDP, disappeared almost overnight in 1990-1991 at the time of the dismantlement of the USSR. Mongolia was driven into deep recession, prolonged by the Mongolian People's Revolutionary Party's (MPRP) reluctance to undertake serious economic reform. The Democratic Coalition (DC) government embraced free-market economics, eased price controls, liberalized domestic and international trade, and attempted to restructure the banking system and the energy sector. Major domestic privatization programs were undertaken, as well as the fostering of foreign investment through international tender of the oil distribution company, a leading cashmere company, and banks. Reform was held back by the ex-Communist MPRP opposition and by the political instability brought about through four successive governments under the DC. Economic growth picked up in 1997-1999 after stalling in 1996 due to a series of natural disasters and declines in world prices of copper and cashmere. In August and September 1999, the economy suffered from a temporary Russian ban on exports of oil and oil products, and Mongolia remains vulnerable in this sector. Mongolia joined the World Trade Organization (WTrO) in 1997. The international donor community pledged over $300 million per year at the Consultative Group Meeting, held in Ulaanbaatar in June 1999. The MPRP government, elected in July 2000, is anxious to improve the investment climate; it must also deal with a heavy burden of external debt. Falling prices for Mongolia's mainly primary sector exports, widespread opposition to privatization, and adverse effects of weather on agriculture in early 2000 and 2001 restrained real GDP growth in 2000-2001. Despite drought problems in 2002, GDP rose 4.0%, followed by a solid 5.0% increase in 2003. The first applications under the land privatization law have been marked by a number of disputes over particular sites. Russia claims Mongolia owes it $11 billion from the old Soviet period; any settlement could substantially increase Mongolia's foreign debt burden.

Mongolia Location

Northern Asia, between China and Russia

Mongolia Flag

three equal, vertical bands of red (hoist side), blue, and red; centered on the hoist-side red band in yellow is the national emblem ("soyombo" - a columnar arrangement of abstract and geometric representation for fire, sun, moon, earth, water, and the yin-yang symbol)


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