Human capital is one of the key drivers of the Mongolian economy. The population is relatively young and still growing up. According to statistics, Mongolia’s population increased by 1.5% in 2021 over the previous year and reached a total of 3,409,939. The country has seen an average annual population growth of 1.8% over the last ﬁve years which is higher than the world average. The country’s population is expected to reach 5m by 2045.
49% of the population is male and 51% is female. The share of employed people within the working-age population stands at 53.6%. Specifically, 59.9% of men and 48% of women are employed.
Human capital distribution
Labor force (2022, 1Q)
The employment rate (Describes the percentage of the employed people in the working-age group)
According to UNESCO, Mongolia has an adult literacy rate of 98.4%, one of the few countries where female literacy rates exceed those of their male counterparts. 98.7% of all women aged 15 years and older are literate, compared to 98.2% of men. 92% of Mongolian youths have access to the internet. A total of 4.7 million mobile phone users are registered as of now.
Mongolia is listed in 14th place in Asia by the Information Technology Development Index and 59th place among 174 countries according to the World Bank’s Human Capital Index 2020. This shows that Mongolia is ranked relatively high among developing countries.
The Russian language is more common among the senior age group while English is more popular among the country’s youth. In 2021, the Prime Minister of Mongolia, Oyun-Erdene. L officially announced, “English as the official secondary language.”