The poverty rate in Mongolia was 27.8 percent in 2020, 0.6 percentage points lower than the 2018 level. The Government was working to reduce poverty, but its efforts had been hampered by the COVID-19 pandemic. There was a national programme on reducing poverty and supporting employment. Interventions focused on sectors and regions in which there was high unemployment, supporting people individually to find employment.
Mongolia had also approved a “New Recovery Policy” last year to overcome the economic difficulties after the COVID-19 pandemic and to expand the economy. That policy consisted of six recovery areas: port, energy, industrial, urban and rural, green growth, and State productivity recovery. In that context, the State was preparing new bills such as a law on corporate and personal income tax, law on the civil service, law on the suspension of certain types of controls and inspections, and a law on investments.
In 2016, 205,000 persons worked in the informal sector, however that number had fallen to 175,000 in 2022. 61 percent of herders were women. Over half of workers in the real estate sector were women. The agricultural sector’s share of total employment had decreased to 20 percent of the labour force.