VOCABULARY

Please make sure you know the Polish equivalents of the following words and
expressions

economy
economic
economic growth
economic slowdown
economic boom
economic recovery/revival
economic slump/crisis
to boom economy is booming
to boost it boosted economy
annually / annual
per annum /per capita
GDP - Gross Domestic Product
demand/ supply
to compete
fiercely competitive market
domestic market
emerging markets
the eurozone  the EU
Read the article below and
A.

1. highlight three ideas you have found interesting, 

2. focus on three vocabulary items you would like to share with your colleagues 
3. and present your two reflections about this article -   in writing in bullet
points 

B. Look at the highlighted sentences and expression in the article . Think what
the context is and how you would explain what the sentences or expressions
mean in other words.

Russia's economy shrinks by less than

expected
21 Feb, 2023 ,BBC News

By Beth Timmins & Ben King

Business reporters, BBC News

Russia's economy shrank last year by less than had been expected given its
invasion of Ukraine, figures suggest.

The economy contracted by 2.1%, according to the country's statistics agency, but
this was less than an earlier prediction of a 12% fall.
While questions have been raised about the reliability of the data, many
commentators have been surprised at the Russian economy's resilience.
High oil prices and military spending have helped to support the economy.
After the invasion, hundreds of Western firms withdrew from Russia. The initial shock
forced the stock market in Russia to close temporarily and saw the rouble tumble as
people queued up at cash machines.
The Institute for International Finance had predicted the Russian economy would
shrink by 15% in 2022 and last March, US President Joe Biden said it was "on track
to be cut in half".

 What support is China giving Russia?

However, for most of 2022, Russia was able to continue exporting energy.
Western limits to energy exports were only applied gradually during the year, and
while imports to Europe fell sharply during the year, a steady stream of buyers in
China, India and elsewhere stepped in to buy up the oil which Europe would not.
Rising global prices for oil, gas, petroleum products and other Russian exports,
including food and fertilizers, helped to boost Russia's export revenues.
While hundreds of Western companies withdrew from Russia, local entrepreneurs
picked up the slack. After McDonald's sold its restaurants there, for instance, the new
owner reopened them in June under a new name "Vkusno i Tochka", meaning "Tasty
and That's It."
Although manufacturing and retail trade were some of the sectors which saw a
decline in 2022, agriculture, construction and hospitality all grew, according to
Russia's federal statistics service.
Producing equipment for Russia's armed forces has also kept the country's factories
busy, boosting the economy by making weapons instead of cars. Military security and
public administration expanded by 4.1% last year.

The sanctions imposed have also been far from watertight. Despite attempts to
isolate Russia from the Western financial system, traders have found ways to get
money into and out of Russia, through barter, routing transactions through countries
which are not taking part in sanctions, or even using cryptocurrencies.
That is not to say that sanctions have not made a significant dent - and some of the
impact will be long term.
Difficulty getting high-tech imports such as microchips will hold back manufacturing.
Experts expect output from oil and gas fields to decline over time without investment,
know-how and equipment from the West.
The Russian government is predicting that the economy will shrink by 0.8%, but the
International Monetary Fund reckons it will grow by 0.3%, partly because of the
strength of its exports.