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19.03.2021 03:00

Английский язык

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Прочитайте текст и ответьте на 5 вопросов. Russia’s recession deepened in the first half of 2015 with a severe impact on households. The economy continues to adjust to the 2014 terms-of-trade shock amid a tense geopolitical context marked by ongoing international sanctions. Oil and gas prices remained low through the first half of 2015, further underscoring Russia’s vulnerability to volatile global commodity markets. The weakening of the ruble created a price advantage for some industries, boosting a narrow range of exports and encouraging investment in a certain sectors, but this was not sufficient to generate an overall increase in non-energy exports. Investment demand continued to contract for a third consecutive year. Economic policy uncertainty arising from an unpredictable geopolitical situation and the continuation of the sanctions regime caused private investment to decline rapidly as capital costs rose and consumer demand evaporated. The record drop in consumer demand was driven by a sharp contraction in real wages, which fell by an average of 8.5 percent in the first six months of 2015, illustrating the severity of the recession. However, the deterioration of real wages was also the primary mechanism through which the labor market adjusted to lower demand, and unemployment increased only slightly from 5.3 percent in 2014 to 5.6 percent in the first half of 2015. The erosion of real income significantly increased the poverty rate and exacerbated the vulnerability of households in the lower 40 percent of the income distribution.
The policy response by the authorities successfully stabilized the economy. The transition to a free-floating exchange rate allowed imports to adjust to a 17 percent depreciation in the real effective exchange rate during the first half of 2015, strengthening the current-account balance. Meanwhile, measures to support the financial sector appear to have contained systemic risks, and there are early signs of stabilization. Nevertheless, the pass-through effect of the December 2014 depreciation boosted inflation to levels not seen since 2002. Even as the recession deepened in the first half of 2015 controlling inflation became the central bank’s main policy challenge. Low oil prices continue to put downward pressure on federal revenue, ushering in a period of difficult fiscal consolidation. Real public spending is expected to fall by 5 percent in 2015, notwithstanding a temporary increase in the first half of the year caused by frontloaded expenditures as part of the government’s anti-crisis plan to cushion some of the fiscal consolidation impact. Falling oil revenues constrained the government’s ability to counter the decline in real income, and nominal increases in pensions and social benefits were below the headline inflation rate.

ответьте на вопросы к тексту.
1. What was the general conclusion of the recession?
2. What monetary policy was pursued by the government at that period?
3. What does it means an anti-crisis plan?
4. What do you think about measures to support the financial sector?
5. What problems did our country economy?