To see a former thriving empire now in such a state of despair in terms of its economy is mildly shocking. Eight hundred years ago, Mongolia ruled over much of Europe and Asia but in the early 20th century were reduced to their current size by the Soviet Union and China.<\/p>\n
The Mongolian people are very concerned for their future with the amount of debt their country has amassed. The nation’s total external debt has reached about $23.5 billion, which is a little over twice their $12 billion economy. Looking at these numbers, it is no wonder that they have had to resort to borrowing money from the International Monetary Fund. Luckily, the World Bank, and allies such as Japan are also ready to jump in. Mongolia has a vast amount of valuable natural resources, which is most likely an incentive for allies to help the nation out.<\/p>\n
Additionally, the citizens of Mongolia are aware of the imminent threat that the Bank of China poses, as they should be. The article indicates that the bank is attempting to move in to serve the 7,000 small Chinese business located there, but lobbyists are currently attempting to prevent that from happening. It is true that if Mongolian banks are to be and stay successful, the arrival of the Bank of China would hinder any progress as their interest rates are much lower. Clearly, this would not be helping the Mongolian economy whatsoever.<\/p>\n
Hopefully, the Mongolian government will be able to properly exploit their natural resources and prevent any larger businesses from entering the country because otherwise, it might be a long time before their economy is able to recover.<\/p>\n","protected":false},"excerpt":{"rendered":"
To see a former thriving empire now in such a state of despair in terms of its economy is mildly shocking. Eight hundred years ago, Mongolia ruled over much of Europe and Asia but in the early 20th century were reduced to their current size by the Soviet Union and China. The Mongolian people are very concerned for their future… Read more »<\/a><\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-103","post","type-post","status-publish","format-standard","hentry","category-analysis"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/comments?post=103"}],"version-history":[{"count":2,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/103\/revisions"}],"predecessor-version":[{"id":105,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/103\/revisions\/105"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/media?parent=103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/categories?post=103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/tags?post=103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}