National Economy of Ukraine

Since the proclamation of independence in 1991 the national economy of Ukraine has passed a long road from planned to a market-based one. In the course of transition our economy faced some problems the main of which were high inflation, unemployment, recession, low living standards of the population. Due to the numerous economic reforms the state income was balanced against expenses, many inefficient plants were closed down and capital was directed into new advanced industries. The programme of privatization stimulated the revival of many strategic enterprises. In 2006 Ukraine received the status of a market economy.

Ukraine possesses considerable potential in such sectors of economy as heavy industries, especially metallurgy, machine engineering, aerospace technologies, telecommunications. Converted military industrial complexes started to produce consumer goods, particularly those involving high technologies. Among the products of machine building we must mention food-processing machinery, medical equipment, transportation vehicles, construction materials and equipment, small farming machines and home appliances.

Our country is famous for its unique black soil. We expect some progress in agricultural production as the agricultural sector is being reoriented towards the market economy. Nowadays agriculture satisfies the needs of the population in the main food products.

Natural and human resources of Ukraine are sufficient for creating a developed home market and becoming a friendly and equal partner in the world market. Ukraine’s enterprises conduct business transactions with partners all over the world. Among our leading partners are Russia, Germany, the USA, China, Turkey, the Czech Republic, Belarus. Ukraine exports metal, coal, electricity, fertilizers, sugar, vegetable oil. The major import items are oil, gas, timber, cars, knitted wear and clothes, top quality foodstuffs.

Due to her size and favourable geographical position, economic potential and qualified workforce Ukraine plays a significant role in the world economic system.

Assignment 7. Make a written translation of paragraph 1.

Assignment 8. Answer the following questions in written form.

1. What kind of economy is Ukraine considered to be: planned, transitional or market-based?

2. What are the results of the numerous economic reforms?

3. What was the result of the military complexes conversion?

4. What factors make Ukraine’s economy prospective?

Assignment 9. Get ready to speak

1) about the national economy of Ukraine, its past and present-day status;

2) about Ukraine’s industrial, agricultural and trade potential.