Mongolia‘s development has been affected by its geographic isolation, lack of sea access, and powerful neighbors—Russia, and China.
Traditionally a herding society, agriculture is now 15 percent of the economy.
Instead overseas companies have invested in mining, such as coal and uranium, leaving Mongolia dependent on foreign capital and expertise.
As the country has no access to the ocean, it has to rely on China and Russia for export. Essentially Mongolia is trapped between its much stronger neighbors.