The government has embraced free-market economics, freezing spending, easing price controls, liberalizing domestic and international trade. Mongolia's severe climate, scattered population, and wide expanses of unproductive land, however, have constrained economic development. Economic activity traditionally has been based on agriculture and the breeding of livestock. The mining and processing of coal, copper, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Economic growth picked up in 1997 after stalling in 1996 due to a series of natural disasters and declines in world prices of copper and cashmere.
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