V. Translate into Russian

1. Australia's GDP per capita is at the level of dominant West European economies. 2. Australia is rich in natural resources and also has developed agricultural and mining sectors. 3. Downturn in world commodity prices can have a great impact on the Australian economy. 4. Australian government is trying to increase exports of manufactured goods. 5. Australia has transformed itself to an internationally competitive, export-oriented economy. 6. Competition in international markets continues to be severe. 7. Australia is has a size of the United States and small domestic market of 19 million people. 8. Australian economy was inward-looking, did not have a liberal access for foreign bank branches and had a high number of trade unions. 9. Australian government succeeded in improving and standardizing the national infrastructure, privatizing many government-owned services and public utilities. 10. Australian economy continues to prosper because it continues to privatize industries and to rely on Chinese demand for resources.

VI. Write sentences with the following words:

prosperous economy; West European economy; fossil fuels; commodities; downturn in commodity prices; to have impact on the economy; reflection of the natural wealth; relative size of the manufacturing sector; key reforms; reducing tariffs; domestic market; floating exchange rate; foreign bank branches; downturn in world commodity prices; inward looking economy; trade unions; national federal system; ultimate goal.