Three candidates are in the race to choose a successor to incumbent President Tsakhiagiin Elbegdorj who is retiring after serving two 4-year terms.

Miegombo Enkhbold is the speaker of the parliament representing the governing Mongolian People's Party. Khaltmaa Batulgaa of the largest opposition Democratic Party is a former Cabinet minister. Sainkhuu Ganbaatar of the Mongolian People's Revolutionary Party is a former lawmaker in the parliament.

The focus of the election is fiscal reconstruction and growth strategies.

Mongolia recorded double-digit economic growth for 3 years in a row from 2011 by exporting its abundant natural resources such as coal and copper to China.

But Mongolia's economy has declined, mainly due to China's economic slowdown and drops in prices of natural resources. It grew only one percent last year.

Enkhbold is calling for industrial development in the country and use of foreign investments. Batulgaa insists that the government should further involve itself in developing resources and encourage their exports. Ganbaatar pledges to develop agriculture and livestock-farming and step up relief measures for the unemployed.

Polling stations across Mongolia will be open from 7 AM to 10 PM, local time. The general trend of polling should be known as early as Tuesday morning.