Economy of Russia

Word list

to go through a transitional period-находиться в переходном периоде

centrally planned socialist economy- социалистическая экономика c центральным планированием

a globally-integrated economy- экономика, включенная в миро­вую экономическую систему

to privatize industry- приватизировать промышлен­ность

the defense sector- оборонная промышленность

a state-owned firm - государственное предприятие

'loans-for-shares' scheme- ваучерная программа

to turn over to- перейти к

depreciation of the rouble- обесценивание рубля

sharp deterioration in- резкое ухудшение

living standards- уровень жизни

faced recession- столкнуться с кризисом

to start recovering- начать возрождаться

high export prices on- высокие экспортные цены

to be hit by crisis- быть пораженным кризисом

to decrease rapidly- быстро снизиться

to rely on- быть основанным на

to be dominated by- доминировать

timber- лес

to account for- быть причиной

competitive- конкурентный, высокой конкуренции,

heavy industry- тяжелая промышленность

military manufacture- военная продукция

dependency on- зависимость от

vulnerable to- уязвимый для, подверженный чему-л.
a boom and bust cycle- (экономический цикл, состоящий из периода бума и пери­ода спада)

to reduce dependency- сократить зависимость

an energy superpower- энергетическая сверхдержава

a hydropower plant- ГЭС

to feature- иметь свойство, черту, характеризовать

a civilian nuclear reactor- гражданский ядерный реактор

resource-rich country- страна с богатыми ресурсам

to have a competitive advantage- иметь конкурентное преиму­щество

research and development- исследования и развитие

to issue a patent- выдавать патент
to emigrate overseas- эмигрировать заграницу

brain-drain-утечка мозгов

to be slightly revived-слегка оживиться, возродиться

а grain importer-импортер зерна

livestock production-выращивание домашнего скота

to decline dramatically-сильно уменьшиться на начальной стадии
to be heavily dependent on-сильно зависеть от

Nowadays the economy of Russia is going through a transitional period from the isolated, centrally planned socialist economy to a market globally-integrated economy. Economic reforms in the 1990s privatized most industry, except for the energy and defense sectors. The majority of state-owned firms were privatized using 'loans-for-shares' scheme. As a result, they were turned over to oligarchs. After the crisis of 1997 and the depreciation of the rouble followed by sharp deterioration in living standards for most of the population, Russia's economy faced recession.

The economy started recovering in 1999, partially because of high export prices on oil and gas which Russia is rich in. The Russian economy, however, was hit by the 2008-09 global economic crisis because oil prices increased rapidly, and the foreign credits that Russian banks and firms stopped. Exports are still dominated by natural resources. Oil, natural gas, metals, and timber account for more than 80% of Russian exports abroad.

The country has the world's largest natural gas reserves, the 8th largest oil reserves, and the second largest coal reserves. Russia is the world's leading natural gas exporter and leading natural gas. producer, and also the second largest oil exporter and largest oil producer. Russia is the third largest exporter of steel and aluminum — and other less competitive heavy indus­tries. Chemicals and military manufactures are also important exports. The dependency on commodity exports makes Russia vulnerable to boom and bust cycles.

The government since 2007 has-tried to introduce a program to reduce this dependency and build up the country's high technology sec­tors, but with few results so far. Imports include machinery and equipment, consumer goods, medicines, meat, sugar, and metal products. The main trading partners are Germany, Ukraine, China, and Italy.

Russia is known as an energy superpower. Russia is the 4th largest I electricity generator in the world.

Large cascades of hydropower plants are built in European Russia along big rivers like Volga. The Asian part of Russia also features a number of major hydropower stations. Russia was the first country to develop ci­vilian nuclear reactor and to introduce the first nuclear power plant. Cur­rently, Russia is the 4th largest nuclear energy producer.