SPEAKING. 1. Give your opinion concerning the following challenges to the Belarusian economy:

1. Give your opinion concerning the following challenges to the Belarusian economy:

- The major threat to the stability of the Belarusian economyin the short-term and medium-term perspective is a price hike of energy resources supplied by the Russian Federation. Preferential terms and conditions of supplies and the existence of a formal trade union agreement between two countries were the key drivers of recent favourable Belarusian economic growth.

- One of the key problems of the Belarusian economy is a high intensity of power consumption. Growing costs of output produced by Belarusian enterprises amplify problems they face on the Russian market. The growth of the Russian economy and the consequent household income growth in Russia both lead to a changing character of competition on this market. Belarusian goods occupy a specific niche 'for the poor' of the Russian market.

- Between 2007 and 1H2008, Belarus took a significant step forward in liberalizing the economy and improving the investment climate. Increasing FDI attractiveness was set as a priority by the President. Several important presidential decrees and government resolutions have been adopted concerning improvement of the investment and business climate. These include abolition of the "golden share" right; gradual abolition of the ban imposed on trading securities acquired during preferential privatization; announcement of the first list of enterprises to be privatized.

2. Comment on the following quotations from the speeches of the President of the Republic of Belarus. Support your comments with facts and arguments.

1. “The use of the latest technologies, priority development of science-intensive branches, import-substituting and export-oriented productions are the main avenues Belarus will move along” (March 3, 2006)

2. “Belarus has been growing much faster in recent years comparing to the CIS and EU countries. However, it is only innovation in all spheres that can ensure further progress. Facilitating innovation, upgrading production and improving labor efficiency are the main targets for the future ” (May 23, 2006).

3. “It is in small towns and villages that we see enormous unexploited potential for the development of the country” (November 23, 2006).

4. “In terms of universal cooperation Belarus is very promising a country. We have no foreign debts, we have low inflation, we have- this is very important- diligent people; the economy functions intensively; we manufacture competitive goods. We are always able to earn money for the budget ” (January 22, 2007).

5. “Today it is the West, the EU that occupy the first place in trade and economic cooperation with Belarus, then goes Russia. We have deliberately sought not to be dependent on one country and we have been honest about it when diversifying our foreign policy and economy” (April 24, 2007).

6. “It is only by joint efforts and discipline that the Belarusian people can ensure economic security of the state, progress and prosperity of our independent Belarus” (June 14, 2007).

7. “The world financial and economic crisis teaches us to act quickly. It is important that having assumed such a great responsibility we should not slow down the process of economic integration but should demonstrate cohesive and well coordinated work ”(November 27, 2009).

3. Render the main idea of the following text in English.

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