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The Impact of Electric Power on Industrialization in Mongolia
Institute of Technology in Umnugovi Province, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia
Institute of Technology in Umnugovi Province, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia
School of Power Engineering, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia
School of Engineering and Technology, Mongolian University of Life Science, Ulaanbaatar, Mongolia
Graduate School of Business, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia
- 1 Institute of Technology in Umnugovi Province, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia
- 2 Institute of Technology in Umnugovi Province, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia
- 3 School of Power Engineering, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia
- 4 School of Engineering and Technology, Mongolian University of Life Science, Ulaanbaatar, Mongolia
- 5 Graduate School of Business, Mongolian University of Science and Technology, Ulaanbaatar, Mongolia
Technology and Investment·Volume 15 (2024)·Pages 210–223·Published 15 October 2024·DOI10.4236/ti.2024.154013
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Abstract
The study analyzed the relationship between electricity consumption and industrial growth in Mongolia. The research uses statistical data from 1989 to 2023 (including variables such as electricity consumption, per capita electricity use, inflation rate, gross domestic product, and the structure of the industrial sector), the analysis applies correlation analysis methods and error correction techniques to examine the data and estimate electricity consumption for 2030. The results indicate that, over the long term, industrial growth and electricity consumption are directly related to changes in gross domestic product, while changes in the inflation rate show no correlation. The study also identifies key factors influencing industrial development in Mongolia and specifies the impact of electricity on these factors.
KeywordsEnergyIndustryGrowthGross Domestic ProductInflation
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