1. expatriate           A very high inflation

2. consumer goods B financial help from the government for a business

3. state-run            C change

4. hardship             D something that other people want

5. reform                E managed by the government

6. severe                F very strict or cruel

7. subsidy              G basic things like food that everyone needs

8. crumbling          H to grow very big very quickly

9. staple goods      I things that people buy but don't really need

10. filed incomes   J falling apart or collapsing

11. to balloon        K very difficult times - poverty

12. hyperinflation  L someone who lives and works away from their home country

13. enviable           M salaries or pensions that do not grow with inflation

14. stabilise            N become steady, unchanging

Now read the text again and match each paragraph with the correct heading.

PARAGRAPH 1      

PARAGRAPH 2      

PARAGRAPH 3      

PARAGRAPH 4      

PARAGRAPH 5      

A Recovery

B Drastic measures

С Ups and downs

D Hard times

E Then and now

Russia's foreign trade

Through most of the 20th century, Russia's, or the USSR as it was known for most of that century, trade with the outside world was mostly limited to trade with other members of the Socialist Bloc. It was self-sufficient in energy resources and primary goods. Its manufacturing industry was for domestic consumption only. Foreign consumer goods simply didn't exist. Investment from abroad was not encouraged because the government wanted full control of production and prices. But things have changed.

The Russia of the 21st century is much more open to business with the rest of the world. In the first six months of 2005, its total international trade turnover was worth about $150 billion. Both exports and imports have grown in recent years, but exports are growing more rapidly in value. This is mainly through the sale of oil and gas. In fact, energy resources make up over two thirds of Russia's exports. The growing price of these commodities on world markets has brought huge amounts of foreign currency into the Russian economy. Metals are also important for the Russian economy. Russia's steel industry, for example, is one of the world's biggest. Other primary goods such as timber, minerals and fish are also important.

The value of trade isn't the only thing that has changed. There have been changes in Russia's trading partnerships, too. In the old Soviet days, and even in the vears that followed the fall of communism, Russia's main trading partners were other communist countries that used to be known as the COMECON (Council for Mutual Economic Assistance) countries. In the early 1990s, for example, Russia still had trade agreements to export energy resources to many former Soviet republics. As oil prices increased, however, many of these countries found it difficult to pay for Russian oil, and exports fell. At the same time, trade with other parts of the world, especially the European Union began to grow. Communist ties have not all been broken, though. One of Russia's most important trading partners is China.

But what does the future hold for the economy? The danger for Russia is that it relies very heavily on exports of oil, gas and minerals. Prices for these commodities can change suddenly on the world markets. What does Russia have to fall back on? At the moment, not very much. Its industrial sector is mostly run down and uncompetitive. During the Soviet years, a large part of the country's industrial strength was used to produce arms. Today, military equipment and weapons are still the biggest manufactured exports from Russia. It has to import almost all other manufactured goods.

Many economists believe that Russia must spend its oil money on investing in capital and infrastructure for industry. Doing this will encourage foreign investment and further economic growth. In turn, this will help to spread the benefits of growth to everyone in Russia, not just a privileged elite.

Переведите на английский язык:

1.    В 1990-е гг. в Москве государственные магазины с немногочисленными товарами сменились дорогими торговыми центрами, город стал одним из самых дорогих городов мира.

2.    В начале 1990-х гг. российское правительство использовало «шоковую терапию». Были введены жёсткие меры бюджетно-налоговой и кредитно-денежной политики. Было отменено государственное регулирование цен на все товары кроме цен на основные продукты питания.

3.    В период перед кризисом были повышены налоги и процентные ставки, а субсидии государственным отраслям сокращены. События в банковской системе стали причиной безудержного роста денежной массы.

4.    Советский Союз торговал преимущественно со странами, входящими в Совет экономической взаимопомощи. Торговля сырьём и энергоресурсами происходила при полном контроле над внешнеторговыми ценами.

5.    В последние годы внешнеторговый товарооборот России растёт, при этом объёмы экспорта по стоимости растут более быстрыми темпами, чем объёмы импорта.

6.    Россия экспортирует сырьё: нефть, природный газ, древесину, металлы, сталь, рыбу. На нефть и газ приходится около двух третей всего объёма российского экспорта.

7.    Большая часть отраслей обрабатывающей промышленности неконкурентоспособна и полуразрушена, поэтому необходимо инвестировать «нефтяные» деньги в инфраструктуру и капитал.

1. Complete each sentence with a word or phrase from the box.

arms broke ties with   domestic consumption

fall back on     infrastructure open to

privileged elite run down     Socialist Bloc

the future holds     turnover

1. Factories become … if management don’t look after buildings and invest in new equipment.

2. Nobody really knows what … but you should make plans anyway.

3. Many countries make lots of money selling … like tanks and guns to foreign armies.

4. In the West, the communist countries of the USSR were salted the … .

5. When he left the company, he … all his old colleagues.

6. It's good to have some savings to … daring hard times.

7. The company was very … my proposal for a new range of products.

8. Most of the wealth in modern industrial counties is owned by a small … .

9. Products for … are only sold in the country where they are made.

10. The … means the roads, railways, power and communication networks that industry needs.

11. The … of our new products has been very high and we have gamed a good income from them.