Mongolia. After 75 years of communist rule, there was a regime change in the parliamentary elections in June. The Reformed Communists of the Mongolian Revolutionary Party (Mongol Ardyn Chuvisgalt Nam) had managed to retain power in the free elections in 1992, but were now given only 25 of the 76 seats in Parliament. Victory made an alliance of two opposition parties, the Mongolian Democratic Union (Mongolyn ardtjilsan cholboo evsel), which received 50 seats. The new Prime Minister was appointed Democratic Unionist Mendsajhanij Enhsajhan, an economist who was previously Chief of Staff to President Punsalmaagijn Otjirbat.
- ABBREVIATIONFINDER.ORG: What does MN stand for? In the field of geography, this two letter acronym means Mongolia. Check this to see its other meanings in English and other 35 languages.
|Gross domestic product (GDP)||$ 43,540,000,000|
|GDP growth rate||5.10%|
|GDP per capita||$ 13,000|
|GDP by sector|
|Proportion of the population below the national poverty line||29.8%|
|Distribution of household income|
|Industrial production growth rate||4.90%|
|National debt||91.40% of GDP|
|Foreign exchange reserves|
The new government had to take over a country in an economic crisis so deep that the largest commercial bank, the half-state-owned People’s Bank, had to be closed after losing nearly SEK 200 million. The economic situation was further aggravated by the hundreds of fires that devastated large parts of the country during the spring and early summer. More than 100,000 square kilometers of forest and cultivation land were destroyed, and large numbers of livestock fell.
According to Countryaah.com, the population of Mongolia in 1996 was 2,297,909, ranking number 138 in the world. The population growth rate was 1.020% yearly, and the population density was 1.4792 people per km2.