VII. Retell the text.
11. ECONOMY OF KAZAKHSTAN
Read and learn the following words:
1. integration интеграция
2. diversify вкладывать
3. employment применение, использование
4. availability наличие, пригодность
5. military военный
6. to implement выполнять, осуществлять
7. establish основывать, создавать, устраивать
8. disturbance нестабильность
9. average средний
10. expenditure расход, трата
11. shortcomings недостаток, нехватка
12. restrict ограничивать
13. insecure ненадежный, небезопасный
14. aspiration стремление
I. Read and translate the text
Economy of Kazakhstan
Kazakhstan is important to world energy markets because it has significant oil and natural gas reserves. With sufficient export options, Kazakhstan could become one of world’s largest oil producers and exporters. But Kazakhstan’s strategic aspiration is to become a modern, diversified economy with a high value added and high-tech component, well integrated in to the global economy. The energy sector is viewed as a good basis to achieve this goal.
The perspective of the Economy of Kazakhstan is closely connected with further integration into international economic relations, utilization of unique reserves of energy and mineral resources, vast possibilities to export industrial and agricultural products, optimum employment of country’s transit potential and also with availability of highly qualified specialists in different spheres.
During the Soviet period Kazakhstan was an agrarian, raw materials supplier of the former Soviet economy, where the military industry played the major role. The main economic content of more than 10 years of independence has become transition from the central command planning to a market system. During these years, Kazakhstan has made considerable progress in implementing complex political, economic and social reforms to establish a democratic state with a market economy. While the country has not experienced political disturbances during the transition period, it has faced numerous economic, social and environmental challenges.
Kazakhstan is ranked 13th out of 30 countries in the Asia-Pacific region, and its overall score is above the regional average. Kazakhstan scores highly in trade freedom, government size, and labor freedom. Government expenditure is somewhat high, although the government has gradually been privatizing businesses. Kazakhstan has a highly flexible labor system. Kazakhstan’s economy has significant shortcomings in three areas: investment freedom, property rights, and freedom from corruption. Foreign investment in virtually all sectors is restricted by exclusive barriers and bureaucratic incompetence. Government policy actively favors domestic businesses, and the weak rule of law allows for significant corruption and insecure property rights.
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