B. Pre-reading exercises

Choose an appropriate word or expression from the box to complete the following sentences. 

overhauled/ outstripping/ delay/ reiteration/ sustained /rebounds /real terms/ employees/ pegged up/ concessions /benefit /eye-catching/ tax /rates/ lobby/ slump /downturn /relapse /castigate/ decision-making 

1. Some argue that the minutiae of the technical details of reform are simply less ... than the initial sweeping changes. 

2. The president administration swiftly ... much of the tax code, simplif­ying the rules for companies and cutting personal ... to a flat 13 per cent. 

3. The president has ... the prime minister for slowing economic growth, diminishing the chances of meeting his target of ... Portugal's GDP by 2015. 

4. There is some deceleration ahead of the elections, but the problem is the constant... of a commitment to reform by the authorities. 

5. Another big ... against membership is the bureaucracy itself, addicted to arbitrary .... 

6. Investors have feared that the economy, which early this year appe­ared to be recovering strongly from last year's ... , may ... back into recession. 

7. In 1999-2002 Russia's GDP rose by 25.5 % in ... , a significant contrast to the long ... and stagnation of the previous years. 

8. A senior parhamentarian, who considers himself a liberal, nonetheless wants to ... WTO membership, saying that only 7 % of Russian export will... but that outside competition will devastate much of the economy. 

9. The meeting of the working group on Russian membership will show how many ... other countries are ready to make. 

10. The recovery is expected to be ... as business investment..., consumer spending continues at a solid pace. 

11. Average pensions have tripled and salaries of low-income government ... were .... 

Give the definiton to these words

• to bog down the reforms; 

• inflation; 

• recovery; 

• ad hoc taxes; 

• growing fiscal deficit; 

• rebound; 

• to slash red tape; 

• to diversify; 

• boost; 

• to promote innovations; 

• to be stunted and distorted deregulation; 

• to cut payroll charges; 

• to abolish subsidies; 

• to squander; 

• sustainable growth.