2. Read the following words. Mind the difference in pronunciation.

Translate the words:

a) produce — to produce; transport — to transport; object — to object; process — to process; decrease — to decrease; increase — to increase; progress — to progress; record — to record; import — to import; export — to export;

b) formation — to form; graduate — to graduate; finance — to finance; unity — to unite; tax — taxation — to tax; privatization — to privatize.

Text A

On August 24, 1991 the Verkhovna Rada declared the formation of the Independent Ukrainian State and on December 1991, a nation-wide referendum confirmed the formation of a new large European state.

As to its territory Ukraine is the second largest country in Europe. As to its industrial potential, this is one of the most developed republics of the former Soviet Union with highly developed metallurgy, machine-building, chemical production and agriculture.

The economy of the Soviet Union was functioning for decades as an aggregate national economic system linked by united management, co-operated links¹ and applied technologies. This has predetermined the inherited dependence² of Ukraine on economic ties with former republics of the former Soviet Union. It will suffice to point out that 2/3 of the country’s gross domestic product³ did not have a closed productive cycle⁴ in Ukraine.

Clearly the emergence⁵ of political and economic borders in a formerly united economy, the emergence of the national monetary-credit and financial systems⁶, breaking of the system of traditional economic links have brought the economy of the country to a crisis. Almost all the indices of the economic development have negative dynamics. But the rates of decrease of production are slown down⁷ and first signs of stabilization appear in a number of branches of economy.

One of the main reasons of inflation are prices for power carriers⁸ imported from Russia. These prices have increased by hundreds times during the last years. The government of Ukraine sees the way out of the crisis in realization of the programme of economic reforms which would make it possible to reorganize the economy, to change its structure, to carry out⁹ privatization and to restore stimuli to a highly effective work.

Comments

1. co-operated links — cпiльнi зв’язки

2. inherited dependence — успадкована залежнiсть

3. gross domestic product — внутрiшнiй валовий продукт

4. closed productive cycle — замкнутий виробничий цикл

5. emergence — поява

6. national monetary-credit and financial systems — нацiональна гро­шово-кредитна та фiнансова системи

7. rates of decrease of production are slown down — темпи зниження виробництва уповiльнюються

8. power carriers — енергоносiї

9. to carry out — проводити

Vocabulary exercises

1. Find equivalents:

1. nation-wide referendum 2. industrial potential 3. united management 4. monetary-credit system 5. inherited dependence 6. machine-building 7. gross domestic product 8. closed productive cycle 9. traditional economic links 10. economic development 11. power carriers 12. way out of the crisis programme of economic reforms 14. to restore stimuli

а. енергоносiї б. економiчний розвиток в. програма економічних реформ г. внутрiшнiй валовий продукт д. всенародний референдум е. промисловий потенцiал є. вихiд iз кризи ж. успадкована залежнiсть з. спiльне управлiння и. замкнутий виробничий цикл і. грошово-кредитна система ї. традицiйнi економiчнi зв’язки й. відновити стимули к. машинобудування