5 How long will you have been learning English / using your computer (mobile phone) / going to college / saving money for something you’d like to have / living in your present house by next summer?

18 The economy of ukraine

gross domestic product - ВВП dramatic - різкий decline - зменшувати currency - валюта

cast iron – чавун ferrous metal - чорна металургія coke - кокс

fertilizer - добриво pipeline - трубопровід supply - постачання major - основний, значний

The economy of Ukraine is an emerging free market, with a gross domestic product (GDP) that has experienced rapid growth in recent years. The country's economy experienced major recession during the 1990s, including hyperinflation and dramatic falls in economic output.

Ukraine has many of the components of a major European economy - rich farmlands, a well-developed industrial base, highly trained labour, and a good education system. At present, however, the economy remains in poor condition. The standard of living for most citizens has declined more than 50% since the early 1990s, leading to a relatively high poverty rate. Ukraine's currency, the hryvnia, was introduced in September 1996, and has remained fairly stable.

Ukraine is relatively rich in natural resources, particularly in mineral deposits. Although oil and natural gas reserves in the country are largely exhausted, it has other important energy sources, such as coal, hydroelectricity and nuclear fuel raw materials.

Ukraine has a major ferrous metal industry, producing cast iron, steel and pipes. Chemical industry includes the production of coke, mineral fertilizers and sulphuric acid. Manufactured goods include metallurgical equipment, diesel locomotives, tractors, and automobiles. The country possesses a massive high-tech industrial base, including much of the former USSR's electronics, arms industry and space program. However, these fields are state-owned and underdeveloped in terms of business practices. Ukraine is a major producer of grain, sugar, meat and milk products.

Most of Ukrainian trade is conducted with Russia and the European Union.

Ukraine imports 90% of its oil and most of its natural gas. Ukraine is transporting Russian gas to the EU

through its well-developed gas pipelines system, being Europe's vitally important connection. The country's dependence on Russian gas supplies dramatically affects its economics and foreign policy, especially after the recent major gas dispute. However, Ukraine is independent in its electricity supply, moreover, exporting it to Russia and other countries of Eastern Europe. This is achieved through a wide use of nuclear power and hydroelectricity.

In 1992, Ukraine became a member of the IMF and the World Bank. It is a member of the European Bank for Reconstruction and Development. In 2008 the country joined the World Trade Organization.

• What in your opinion are the major economic problems of Ukraine?

• Be ready to characterise the economy of Ukraine (up to 15 sentences).