The economy of Mongolia has traditionally been based on agriculture and livestock. Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Soviet assistance, at its height one-third of Gross domestic product (GDP), disappeared almost overnight in 1990–91, in the time of the collapse of the Soviet Union. Mongolia was driven into deep recession.

Tourism in Mongolia was extremely limited by the Socialist Government, but has been expanding following the 1990 Democratic Revolution in Mongolia in the wake of the collapse of the USSR and the Revolutions of 1989. Mongolia is a unique and relatively unexplored travel destination that offers a great combination of scenic natural features, a wide variety of untouched landscapes, nomadic life style and culture. Travel organizations in Mongolia date back to half a century ago, but the private sector-based tourism is barely twenty years old. Now Mongolia boasts 403 travel companies, 320 hotels, 647 resorts and tourist camps, all employing the graduates from over 56 educational establishments. Mongolia takes an active part in United Nations World Tourism Organization, of which it is a member party.