В? В Comprehension

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

paragraph;....................

paragraph •....................

paragraph......................

paragraph 4....................

paragraph......................

Recovery Drastic measures IJps and downs Hard times Then and now

Before you listen

Discuss this question with your partner.

-> Has everyone benefited from the changes in the Russian economy in recent years? Thmk about who is better off and who is poorer.

0 С Listening 4)))

You're going to hear three people expressing their views on the winners and losers in the Russian economic reforms. As you listen, make notes in the table.

	Winners	Losers
People
Industries
Places

HacitilUs Guida to Econamcs Unit Jl 109

Before you read

Discuss these questions with your partner.

What do you think are Russia's main exports and imports?

Where do you suppose most goods that you buy in Russian shops these days are made?

-* Do you have any idea which is Russia's strongest industry today?

ff D Vocabulary

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

Factories become..................... if management

don't look after buildings and invest in new equipment.

Nobody really knows what...................... but you

should make plans anyway.

Many countries make lots of money selling

................. like tanks and guns to

foreign armies

. In the West, the communist countries of the USSR were called the

When lie left the company, he.................... all

his old colleagues.

It's good to have some savings to...................

during hard times.

The company was very............. my proposal for

a new range of ptoducts.

Most of the wealth m modern industrial countries is owned by a small

Products for................... are only sold in tho

country where they are made.

• The................... means the roads, railways.

power and communication networks that industry needs.

The.................... of our new products has been

very high and we have gamed a good income from them

Russia's foreign trade

Through most ol the J"th century, Russia's, or the I'SSR as it was known for most of that century, trade vviih the outside world was mosth limited to trade with other members of the Socialist Bloc It was self sufficient 111 епегцу 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 <>]н:п fo business with the rest of tin world. In the first six months of 20<»5. its total international trade turnover was worth about S15<\ billion. Both exports and ini|>orts have grown in recent years, but exports are grow ing more rapidly in value. This is mainK through the sale of oil and gas. In fact, energy resources make up over two thirds of Russia's e.xj>orts. 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 hitjgest < И her primary goods such as tiinK-r. minerals and fish arc also important.

Tin value of trade isn't the only thing that has changed There have Ih-cu changes in Russia's trading partnerships, too. In the old Soviet days, and even in the years that followed tin fall <>1
communism. Russia's main trading partners were other communist countries that used to he known as the COMECON (Council for Mutual Economic Assistance) countries In the early 1 W)s, 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 exjxirts fell. At the same time, trade with other parts of the world, especially the European 1'nioii began to grow. Communist ties have not all been broken, though. (hie of Russia's most important trading partners is China.

Rut what does the future hold for the economyV The danger for Russia is that it relies very heavily 011 exports of oil. i^as ami minerals Prices for these commodities can change suddenly 011 the world markets. What does Russia have to fall back 011V 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 Klieve that Russia must spend its oil money 011 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.

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