Mongolia's main opposition, the Mongolian People's Party, has returned to power in a landslide election victory.

The MPP won 65 out of 76 votes in the national legislature, the State Great Khural, while the governing Democratic Party was educed to only 9 seats.

The MPP won yesterday's election in the backdrop of serious economic woes, as global recession and reduction of demand from China affected adversely on the country's mining industry.

Dubbed "Mine-golia" several years ago, Mongolia's economy developed at over 15 percent a year only a few years back. However, currently it is stagnating, due to the fall in mining revenue.

The MPP is the oldest party of Mongolia and was the ruling party during the Communist era. After communism fell, the party renamed itself from its older name the Mongolian People's Revolutionary Party. The MPP had governed the country for the longest period even after the fall of communism in 1990.