ILO homeRegions and countriesILO in Asia and the PacificOffices in the RegionILO in China and MongoliaAbout the officeAbout the ILO in Mongolia ... About the ILO in Mongolia © ILO Mongolia is a landlocked developing country with population of little over three million. It is located in central Asia bordering with the Russian Federation and the People’s Republic of China. It has a democratic society with a market economy, with annual growth of GDP in average 8 percent until 2012, though experiencing a slowdown in recent years. Mining and agriculture plays an important role in the economy, yet there is a need for economic diversification for generation of decent employment for its young people (15-34 years old), which constitutes almost one third of the population. Although the literacy rate is high, there is a need for development of occupational skills required at the labour market. Mongolia has a unique traditional culture and nomadic, herding.