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Mongolia, Economy

Crop farming, democratic government, market system, Economic reforms, Communism

Crop farming and livestock breeding form the basis of Mongolia’s economy. Manufacturing is devoted largely to the processing of agricultural and livestock products. During the Communist era, the government attempted to increase industrial and agricultural production through a series of five-year plans, first initiated in 1948. The state controlled all industry and trade, through either direct ownership or cooperatives. In the 1990s Mongolia began to transition from a planned socialist economy under Communism to a market system under a democratic government. Economic reforms have included the transfer of some state-owned enterprises to private ownership. In 2000 the gross domestic product (GDP) was $0.97 billion, or about $400 per capita.

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Article key phrases:

Crop farming, democratic government, market system, Economic reforms, Communism, private ownership, state-owned enterprises, GDP, gross domestic product, agricultural production, cooperatives, transfer, trade, Manufacturing, industry

 
 

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