World Bank’s Action on Inflation

1. The World Bank highlighted that Russia must control inflation and allow for appreciation of the ruble if it wishes to see its robust economic performance stay on course. Recent curbs imposed on staple goods would do little to reverse inflation and could lead to price distortions. The surge in capital inflows not being absorbed by the Stabilization Fund is driving money expansion and exerting upward pressure on the ruble. The strong ruble has in its turn been driving up labor costs. It is suggested that wages will be growing more rapidly than productivity.

2. GDP growth has been dented by appreciation of the ruble, making exports more expensive abroad and imports less expensive to domestic consumers. Any economic policy decision involves a tradeoff, and the missing link between inflation and export competitiveness of Russia’s industrial growth is high productivity. Another challenge highlighted by the World Bank was the shrinking and rapidly aging population. By 2025, the population will drop by 12 percent, and one in five people will be aged over 65. The situation in Russia is of particular concern because of the twin factors of a low birth-rate and high mortality.

3. Salary increases in the country don’t meet up with the requirements of aging population because there is a big gap between the wages of young specialists and those who toiled their way to retirement. However Russia earned praise for maintaining an economic policy that allowed the country to weather the global liquidity and credit crunch crises. Besides Russia’s capital inflow into the economy has increased considerably.

( From ‘ The Moscow Times’, 2008, July )

7. Определите, являются ли приведенные ниже утверждения (1, 2, 3)

а) истинными (true)

б) ложными (false)

в) в тексте нет информации (no information)

1. The World Bank highlighted that Russia must control inflation.

2) Soon there will be no inflation in Russia.

3) There was only one challenge highlighted by the World Bank.

8. Прочитайте абзац 3 и ответьте письменно на следующий вопрос:

What did allow Russia to weather the global liquidity and credit crunch crisis?

Вариант №4

1. Переведите письменно существительные (1-10). Выберите определения

(a – j), соответствующие существительным:

1) insurance	a) a number of people united for business or commerce
2) company	b) responsibility for causing damage
3) customer	c) financial protection
4) association	d) the work of buying or selling products or services
5) risk	e) you feel certain
6) business	f) a person, who buys things
7) loss	g) no longer having smth.
8) liability	h) the possibility that something dangerous might happen
9) confidence	i) a person or company that provides insurance
10) underwriter	j) a group of people joined together for some common purpose

2. В следующих предложениях подчеркните определения, выраженные именем существительным, и переведите эти предложения на русский язык.

1) There are several ways to measure how developed a country is: life expectancy, education level and real income of the population.

2) Even in the freest economies, like the USA, there is some government control.

3) The interest rate is determined by the levels of supply and demand in the money market.

3. a) Выполните КОПР № 2, 4.

б) В следующих предложениях подчеркните глагол-сказуемое, определите его видовременную форму и залог. Переведите предложения на русский язык.

1) Russia has played a long and historic role in providing energy to Europe and the world.

2) Interest rates and taxes were raised.

3) Retired employees often get a company pension.

4. В следующих предложениях подчеркните модальный глагол или его эквивалент. Переведите предложения на русский язык.

1) In the market economy companies have to compete with each other for a share of the market.

2) Taxpayers should clearly understand how the tax is calculated, how much they have to pay and when.

3) Many millions of people enjoy a quality of life today that previous generations could not have dreamed of.

5. В следующих предложениях подчеркните Participle 1 и Participle 2 и укажите, является ли оно определением, обстоятельством или частью глагола-сказуемого. Переведите предложения на русский язык.

1) Mostly with money earned from energy exports, Russia began to pay off its foreign debts.

2) Governments may also restrict the amount of imports entering the country.

3) Auctions are becoming very popular, for example, on the Internet.

6. Прочитайте и устно переведите на русский язык весь текст. Перепишите и письменно переведите абзацы 1, 3.