6. Used the following words in your story about Russian economy.

1. water resources

2. doesn’t depend financially and economically on …

3. service sector

4. in the past few years

5. as a result of

6. great changes

7. output of competitive goods

8. has to carry out

9. with every passing year

10. the economic management system is transferred from …

11. various branches of heavy and light industry

12. is aiming to built

13. in terms of

14. a serious deficiency of finance

15. shortages of working capital

16. to encourage the growth

17. a stock market

18. improving tax collection

19. underground economy

20. drive up prices

21. joint ventures

22. large and medium-size enterprises

23. to make use of

24. neighbouring countries

25. to make up an important branch

UNIT IV

Economic Profile of a Country

1. Economy of canada

Canada has a developed market economy that is export-directed and closely linked with the United States. The nation's economy grew sporadically - at times strongly - in the late 20^lh century. Low world prices for oil, gas, and wheat, some of Canada's major exports, were largely responsible for its periods of slower growth. A high rate of inflation and persistently high unemployment continued to vex the country's policy makers. Canada continues, however, to be ranked with Switzerland, Sweden, and United States as one of the most affluent countries in the world. The gross national product (GNP) is growing much faster than the population; the GNP per capita is among the highest in the world.

With its great natural resources, skilled labour force, and modern capital plant, Canada, as an affluent, high-tech industrial society, has excellent economic prospects.

Nearly one-fifth of Canadian workers are in manufacturing. Industry is highly mechanised and includes petroleum products, car manufacture, food and metal processing. Ontario contains most of the car factories, is the main steel producer and has important aircraft, electronics and electrical machinery sectors. Quebec has textiles, paper and wood products, clothing, chemicals and engineering.

Inevitable, most international trade is with the USA, and nearly half of Canada's manufacturing industry is owned by American firms. US President John F. Kennedy told the Canadian Parliament in 1961: Geography has made us neighbours, history gas made us friends, economics has made us partners and necessity has made us allies.

More than 80 per cent of Canada's farmland is in the prairies and two-thirds of farm income is earned by prairie farmers. Despite the importance of agriculture, only about one Canadian in 80 is a farmer. The average farm size is about 225 hectares (555 acres).

Canada exports wheat and other grain crops. Tall narrow grain elevators, where the rain harvest is stored, are distinctive landmarks. In addition to grain, large prairie areas are devoted to raising cattle.

Canada's major natural resource is the forests that cover more than half of the total land area. Most woodland is coniferous: fir, pine and spruce. Canada is the world's largest exporter of wood pulp and paper. Canada has developed nuclear technology and has four major nuclear power stations.