Following a turbulent decade of painful economic and social transformation, the Mongolian economy grew at an unprecedented rate from 2002 until the onslaught of the economic crisis in 2009. However, the high economic growth in the past decade did not result in sufficient creation of new jobs and did not result in any significant decrease of poverty. Although, the economy grew by 65 per cent between 2002 and 2008, employment increased by no more than about 100,000, that is less than 11 per cent, which was much less than was needed.