Growth in Mongolian GDP per capita to be higher than in China
Per capita income for Mongolians is expected to rise to USD5,000 within the next two years and to a staggering USD12,000 by 2015. To put that into perspective, that"s about what the average Shanghainese earns now. However, the increase per capita income will be faster in Mongolia.
As investors clamber all over themselves to get into the Mongolian market, consumer patterns are already changing. Louis Vuitton, Chanel, Salvatore Ferragamo and Cartier have already opened stores in Ulaanbaatar.
Another industry where Mongolia is starting to develop is solar energy. The sunniest country in the world, it is not uncommon for modern nomads to power their gers with solar panels on the roof and thus enjoy evening TV, video and free energy satellite communications.
While China slows, Mongolian GDP and domestic consumption is about to skyrocket.
As investors clamber all over themselves to get into the Mongolian market, consumer patterns are already changing. Louis Vuitton, Chanel, Salvatore Ferragamo and Cartier have already opened stores in Ulaanbaatar.
Another industry where Mongolia is starting to develop is solar energy. The sunniest country in the world, it is not uncommon for modern nomads to power their gers with solar panels on the roof and thus enjoy evening TV, video and free energy satellite communications.
While China slows, Mongolian GDP and domestic consumption is about to skyrocket.
Comments
Post a Comment