1 2 1992 : 3 4 1) 2) 3) 6,, Tax Arrear, PPI, CPI, GKO, OFZ, Vekcels, Barter, 400

2 I II 1 21992~96 319971~9 4199710~19988 519988 6 7 3 1 2 3 4 5 6 7 8 9, 10 11 12 13 399

1 2 1992 : 3 4 1) 2) 3) 6,, Tax Arrear, PPI, CPI, GKO, OFZ, Vekcels, Barter, 400

I, -,,,, < > 1991 11,,, 1991 105,, 1992 1,,, 1992,, < >,,,, 1992 (9-11 5% ), (2 3 ) 1992 12 127, 401

1992 1993,, < >,,, 1993 12% 35% (1993 ) < > < >,, 1993, 4 25, 1993-1994 1993, 93, 9 21,, 1993 12 12,,,,,,, 1994 10 11 < > 402

1991-1993, 15, 1993,, 1990-1991 300 1992 1 1993 150,,, < >, 1990 12,,, 1991 11 1991 12 29 <1992 > 1992-1994, 25%, 1992 25%, 10% ( ) 70%, 5% 403

, 1992 51% 17 < > 200, 10 500, 2/3 20%, 30% 20% (1992-1994 ), 25 1 ( ) 1992 10 1993 1,, 1993 650 10%, 1/3,,,,, 1995,,,, 404

1994-1996,,, 405

II 1 1994 1995 1996 1997 1998 1999 406

1GDP rubles 611 1540 2146 2479 2696 2777 (%) 87 96 966 1009 951 103 2 trillion rubles 384 1108 1443 1601 16812 2995 (%) 791 967 960 1020 948 1081 3 (%) 88 92 95 1015 868 1024 4 (%) 78 97 89 97 94 113 5 Fixed Capital Investment rubles 1088 2670 3760 4088 4024 6593 (%) 76 90 82 950 933 1045 6 Inflation CPI 3150 2310 1218 1110 1844 1365 Average of the period in % p 4080 a 2970 1478 1147 1278 1857 7 (ILO ) 57 65 73 81 97 89 % 78 90 100 112 122 (%) 1269 140 1113 1117 1196 915 8 Real Personal Cash Incomes (%) 1120 840 1004 1058 836 854 9 Personal Cash Incomes trillion rubles 3648 9107 13395 16432 17525 27778 10 rubles 1046 2174 3309 4109 2634 3806 % of income 287 24 247 250 150 137 Including deposits and securities rubles 237 491 658 36 199 972 % of income 65 54 49 22 11 35 Foreign-exchange purchases rubles 646 1351 2522 3474 2136 2278 % of income 177 148 188 211 122 82 cash in 407

rubles 164 331 188 275 299 556 % of income 45 36 14 17 17 20 11 Exports (FOB)* 10 633 782 851 85 713 758 12 Imports (CIF)* 10 387 467 460 529 436 396 13 Official Ruble/Dollar Exchange Rate 1 rubles 3550 4640 5560 5960 2065 270 1996 Jan-Sep 97 1997 Jan-Aug Sep 98 Jan-Sep 98 98 CPI inflation 218% 91% 110% 81% 384% 496% PPI inflation 259% 72% 74% -15% 75% 58% Base money growth 261% 295% 257% -18% 83% 65% M2 growth 337% 259% 285% -82% 65% -22% US$ exchange rate growth 197% 54% 75% 326% 1032% 1695% Real appreciation of Ruble versus dollar -12% 221% 15% -117% -320% -455% Velocity of money 851 749 773 674 843 693 2 1992-96 1992~94,, GDP 1995 GDP 6% 1994 10 20%, 1995 7 band system GDP 5% 408

1994 215% 1995 131% Band 65% 1996, 96 6 GDP 1% GDP 6%,, nonpayment arrears [ 1] 1994~98 veksels, arrears 1998 GDP 40% broad money, [ 2] 1994~98 409

[ 3] 1994~98 3 19971-19979 1997 1997 1996 1997 1996 11 1997 12 Eurobonds 45 GKO 1996 12 100% 1997 7 185% 1997 GKO/OFZ GDP 42% 110 1996 12 20% 1997 33% Eurobond 1996~7 GKO/OFZ [ 4] GKO (1995~8) [ 5] (1995~8) 410

1996 GKO 1997 3/4 GDP 2% [ 6] CPI (19961~19996) 4 199710~19987 1997 1997 1997 7 band GKO 1997 11 60 1997 8 1998 7 20% GDP 1997 80 1998 25 Moscow Times US Dollar Index 1997 11 43% 1998 6 31% 411

GKO 1998 GKO 1998 3 4 GKO 8 300% 35 5 19988 7 13 IMF, IBRD, 226 8 8 17 60~95, 99 12 GKO, OFZ,,,, 90, 1 8 18 < > 180 ( ) < > : - Vnesheconombank - 4 EBRD, : - -,, 6 ( ) (, ) 412

[ 1] 1,590, 292, 250 2,122 98 Debtservicing cost 26, 99 Debt-servicing cost 109 [ 1] ( : ) 159 292 250 (Fitch IBCA ) 6 (CBR ) : Eurobond 450 * : 98 192 (GKO, OFZ) 400 (8 26 ) 1998 8 26, 1998 8 17, 1999 12 31 GKO, OFZ, 1998 8 26 9 26 99 (98 8 ) 410 [ 2] 330% 4330%, 4 25% 5330%, 4 25%, 5 20% (8 ) 5% 817 26 20% 910 413

95% 5% 817 9 3 Sberbank [ 3]IMF ( : ) 1998 1999 IMF 125 26 151 17 43 60 06 09 15 148 78 226 [ 4] ( : ) 1998 1999 IMF (EFF) 13 22 35 112 4 116 (SAC) 9 11 20 8 32 40 6 9 15 22 33 55 126 45 171 148 78 78, (emerging market) 414

, 100 70% 110 140 98 5 89 1998 3,210 245% 29 245% 30% 98 50 60,, 95 97 GDP 33%, 42%, 44%, 98 GDP 48% 2 1/3 50, GDP 10% 400 ( 64 5 ),, 1998 37% 1998 5 8 Tokobank Tokobank 20 (97 7 1 ) EBRD 1 2 5 SBS-Agro bank 8 1768-1998 5 98 6 1 628, 415

, 6 1998 8 17 1998 10 1999 2 7% 99 5,6 2% 1999 3 7 1 24-25 GDP 2% 1998 1999 3,4 1999 1750 80% asset stripping capital flight, 1999 7 7 1) 1992~4 1997 1998 [ 5] (1991~8) 416

1999 1999 1/4 GDP 4% 199211 1997 GDP 30% 1991 39%,, 1991 GDP 14%,1997 7% 36%50% [ 7] GDP (1991~8) 417

[ 8] (1991~8) 1997 1998 1997 35% 1997 1998 1998 1997 5% 1998 2) 1991 1997 7% 1995~7,, 95 1991 90% 1991~7 1/4 20% 1992~8 63% 3% (2 3 1 ) part-time ILO 1996 94% 1998 133%, 1999 4 142% 1996 31%, 1998 22% [ 9] (1991~8) 418

[ 10] (1993~8) [ 11] (1991~8) 419

, [ 12] (1992~8) 420

1998 37% (1997 34%) 22%(1997 25%) 1998 37%, 3) CPI PPI 1995 1998 1999 7 25% 421

[ 14] CPI (1992~1999) [ 14] PPI (1992~1999) 422

96~7 1998 9-10 1997 2/3 1999 4 59% 1996 [ 15],, (1991~8) 423

1995 UN Human Development Index 173 72 (Medium Human Development),,,, PPP 1 6,744 [ 16] (1991~8) III 1 90 340 424

( 80%) -, 60 (20%) 90 "1 " (835), (704), (658), (647), (565), (496), (486), (473), (471), (463) 10 (1 ; ), 10, 53,, 2-3, 5-6, 18-20 2 1950 1970, 1951, 1961, 1983, 1989, 1990, 1991 [ 1] 1993 (10, ) 1 63779 23 162 2 42549 24 142 3 18797 25 135 4 12527 26 123 5 9914 27 111 6 9431 28 108 7 5509 29 103 8 4784 30 87 9 4092 31 82 10 3660 32 73 11 3649 33 73 425

12 3308 34 61 13 3077 35 59 14 2842 36 53 15 2722 37 51 16 2600 38 49 17 2343 39 49 18 / 2170 40 41 19 2165 41 39 20 1862 42 36 21 1814 43 28 22 1723 : The World Competitiveness Report 1995, World Economic Forum, Geneva, Switzerland, 1995 [ 2] 1951-1960 1961-1970 1971-1980 1981-1990 1991-1997 47 50 38 31 29 34 38 28 26 21 86 102 45 41 17 78 45 27 20 14 51 56 33 24 13 57 44 63 89 113 42 39 32 59 55 63 57 54 52 41 53 48 22 18-73 : : Hanbook of International Trade and Development Statistics, 1996(UNCTAD), Geneva, 1997 1990 426

, 1990 1997 (1991-125%, 1992-145%, 1993-87%, 1994-126%, 1995-41%, 1996-49%), 1989 1993 45 1 1993 1094 39,,,, [ 3] 1 1993 ( ) 1 34,148 21 12,123 2 33,813 22 10,309 3 26,107 23 7,760 4 24,520 24 7,502 5 23,993 25 7,500 6 23,321 26 7,167 7 22,929 27 4,275 8 21,636 28 3,502 9 21,357 29 3,242 10 / 20,824 30 2,887 11 20,108 31 2,881 12 19,890 32 2,870 13 18,580 33 2,763 14 17,850 34 2,731 15 17,034 35 2,618 16 16,288 36 2,278 17 16,054 37 2,105 18 15,228 38 1,448 427

19 13,912 39 1,094 20 12,235 40 753 : The World Competitiveness Report 1995, World Economic Forum, Geneva, Switzerland, 1995 1993 1 (34,148 ), (33,813 ), (26,107 ), (24,520 ), (23,993 ), (23,321 ) ( ), UN 60 UN " " " ",, 90 5 UN, 2-4 600-800, 200-300 (,, ), 10-20,, 1994 428

1993 7 3 5 2 3% 9 1990 23% 1993 117% 1,, 1994 6 6 2, 1995 6 5, 1996 6 2 5 1 4464, 4389, 4228, [ 4] (1993 ) 1950 1970 1997 10 10 10 1 1,754 1 3,556 1 6,989 2 410 2 1,107 2 3,693 3 361 3 1,034 3 2,701 4 249 4 804 4 1,611 5 244 5 664 5 1,442 6 218 6 628 6 1,180 7 185 7 616 7 1,106 8 176 8 554 8 1,088 9 172 9 407 9 977 10 150 10 404 10 777 11 103 11 298 11 639 12 90 12 267 12 628 13 85 13 264 13 612 14 83 14 235 14 585 15 81 15 209 15 564 1950 1970 2 429

16 66 16 191 16 464 17 61 17 185 17 378 18 60 18 157 18 369 19 60 19 153 19 359 20 54 20 130 20 357 21 54 21 127 : Handbook of International Trade and Development Statistics, 1996(UNCTAD), Geneva, 1997,, 1997 1990 1991 30, 1 (4,950 ) 60 93 51,000 10,000 5, 93 1994 4, 1994 23, 1995 17 1970 1997 47% 17% [ 5] (1993 ) 1950 1970 1997 % % % 1 3147 1 2491 1 2043 2 735 2 775 2 1080 3 648 3 724 3 790 4 446 4 563 4 471 5 439 5 465 5 421 6 391 6 440 6 345 430

7 333 7 431 7 323 8 315 8 388 8 318 9 309 9 285 9 285 10 270 10 283 10 227 11 185 11 209 11 187 12 162 12 187 12 184 13 153 13 185 13 179 14 149 14 165 14 171 15 145 15 146 15 165 16 118 16 134 16 136 17 109 17 130 17 111 18 108 18 110 18 108 19 107 19 107 19 105 20 097 20 091 20 104 21 096 21 089 : Handbook of International Trade and Development Statistics, 1996(UNCTAD), Geneva, 1997,,, 1997 1992 38% 3, 1993 25% 1992 54%1993 58% 1,(1993 505 ) 40 ( - 19730, - 19523, - 16892 ),,,, 39 75%, 10% ( - 75%, - 73%, - 68%, - 67%, - 65%) 431

1993 52% 1994 58%, 1993 21%1994 23%,, 10 2010 ( ) 9 4 7, 20 [ 6] ( ) 2010 10 % 1 10,136 1679 2 10,066 1667 3 3,928 651 4 3,075 509 5 2,096 347 6 1,872 310 7 1,732 287 8 1,688 280 9 1,620 268 10 1,540 255 11 1,354 224 12 1,254 208 13 1,220 202 14 970 161 432

15 947 157 16 871 144 17 847 140 18 791 131 19 651 108 20 576 095 3 2 90, 286, 140 [ 7] (1997 ) 10 % 28,560 1000 9,190 322 6,651 233 4,481 157 1,962 68 1,807 63 272 10 4 001 4,97 147 ) 433

(IBRD) 33, 6 6 2, 4 5 2 10,,,,, 55%, 28%, 26%, 22%, 16%, 14%, 13%, 12%, 12%,,,,,,, (, ) 90, 2118, 48 354%, 1995 6,180, 1/3 4/5, ( ) 1988 562, 1991 (461 ) 1 1993 340, (461 ) (408 ), 1995 312 48% 434

, (5 3 ) 30% 2020( 12%) (4,450) (2,720 ) 3 12%, 1995 2 7 5 10 2 80 5 1993 336, 8 1993 2472, 1993 6195, (5 ) 30 70 280 2 ( 18%) 70-75, 90 5, 6-7% 28, 80% 90 1992 1461, 1993 1495, 1994 1426, 1995 162 1013, 56 1995 111 1996 15% 900, 600 ( ) ( 82, 34, 340 ) 1996 60% 90, 1 2kg 300-400g 1, 1 18kg 435

85% 15%,, (80%),,,( ) 1992,, 8-9, 2000 70-75, 40-50, 1994 72, 1995 49 1996 2, 2 100, 20-25% 50, ( ) : (1955 ) (1967 ), ( ) 1993 " - ( - )" 998% 5 2 " ( )", " ( )" " ( )" - " ( )"- 1995 ( ) `MV ' 436

, - ( ) - 1994 76%, 13 1995, 1996 13 2 1/3 ( - ( ) ),, 2 ( ) 130-140, 37,,,,,,,,, ( ),,,,, 20-25,,,, 20,,,,, ( ),,,,, - -, 90 25 ( - 35, -62 ), 10kg( -155kg, -26kg), 46kg( - 73kg, - 137kg), 16kg( -157kg, -122kg), 70-80, " 437

"( ), 30-50%,, ( ) 2 5 15% ( ), -, 1 700-2-3% 1/3,, 4 1991 8%, 1992-18%, 1993-14%, 1994-21%, 1995-3%, 1996-4% 406 386, 96% [ 8] ( ) 1994 142 1993 89 (10 kw/h) 447 92 ( ) 150 86 (10 ) 312 98 438

( ) 239 77 ( ) 174 77 () 1,707 49 ( ) 9,800 45 ( ) 1,676 37 ( ) 201 38 ( ) 233 34 ( ) 2,731 40 ( ) 370 77 ( ) 3,234 50 ( ) 39 71 () 1014 49 ( ) 104 53 ( ) 439 64 () 1,129 75 ( ) 167 70 (10 ) 63 73 ( ) 120 67 ( ) 1,272 67 ( ) 188 68 ( ) 109 65 ( ) 365 46 () 1,317 64 () 1,410 82 () 1,140 52 () 856 39 439

, -, 90 65-80%, 90% 5, 1994, 30 24 1/3, 50-90% (25 ) 4, 1990 1995 514%, 85%, -66%, - 61%, -59%, -55% 16%,, ( 26%), 206% 2, 176% 3, 1996 828%, 1 / 172% 90,,,, 2, 3,,,,,,, 4,,,,,,,,,,, 2 80%,, 80%, 1/4, 1/3-1/2 ) 1997, 1997, 708 440

1992 12,788,,,,,,,, 26 [ 9] 1) 1992 ( ) 1 56,432 21 20,349 2 53,370 22 15,344 3 /52,795 23 15,268 4 51,061 24 15,022 5 49,943 25 14,544 6 49,734 26 12,788 7 49,069 27 11,561 8 46,684 28 11,517 9 46,034 29 9,402 10 8,343 30 8,343 11 44,474 31 8,153 12 8,153 32 7,946 13 44,342 33 7,912 14 43,387 34 7,117 15 40,601 35 6,987 16 7,117 36 6,680 17 40,203 37 3,698 18 26,098 38 2,823 19 25,205 39 1,383 20 24,355 1) 441

: The World Competitiveness Report 1995, World Economic Forum, Geneva, Switzerland,1995, 1991 1995 4 60%,, 20, 2-25,,, 40%, 25-30%,,,,, 90 28, 27, 23, 2 5 442

,, 90 1/3,, ( ) 90 12%,,, (13%),,, /, -2%, -3%5-6 1991 1995 34% -46%, -41%, -40%, -29% 1991 31%, 41%, 39%,,,,, ( ) 1 6-7, 90 40 1995,,,,, 1991 2 1 40%, 60% 1994 230 1994 1 20, 10 90,, 90, 37 476 ( -41,338, - 40,734, -37,803 ) 100,,,, 60%, -40%, -15%, -10% 10-20 5, 4, 100 60% 1995 003% 443

, 90 1, 3, ( 4,600 ), 4, 8, (50 ) 10, (80 ) ( ) 16, (210 ) 18 1994 OECD 1750 93 85 460, 260 1995 (82%), (75%), (74%), (73%), (44%) 3%, 10% 8-9% 1991 12% 94-6%, 95-4%, 96 33% 199428,, 1992 100 4, 93 14, 94 80,,,,,, 444

,,, 6,, [ 10] R&D (1992 ; ) 1 158,452 21 2,048 2 109,825 22 1,028 3 49,103 23 1,007 4 31,102 24 901 5 22,454 25 798 6 16,916 26 554 7 8,517 27 456 8 7,415 28 427 9 5,554 29 400 10 5,070 30 372 11 4,893 31 365 12 3,974 32 326 13 / 3,248 33 302 14 3,209 34 289 445

15 3,049 35 220 16 2,848 36 188 17 2,600 37 178 18 2,495 38 104 19 2,331 39 36 20 2,205 : The World Competitiveness Report 1995, World Economic Forum, Geneva, Switzerland, 1995 [ 11] R&D (1992 ; %) 1 300 20 134 2 297 21 113 3 291 22 105 4 286 23 094 5 262 24 088 6 253 25 088 7 245 26 088 8 235 27 087 9 218 28 085 10 212 29 070 11 192 30 070 12 183 31 065 13 181 32 061 14 174 33 053 15 170 34 046 16 / 161 35 031 17 154 36 021 18 149 37 009 19 5139 ( : The World Competitiveness Report 1995, World Economic Forum, Geneva, 446

Switzerland, 1995), 1988-1992 3 4%, 1992 R&D 087% 27 R&D (901 ), 24 1996 6 9 8 10 197%, 031% 3, R&D 90 82%, 75%, / 73%, 69%, 68%, 68%, 68%, 63%, 62%, 61% 95%,,, R&D 20%, 70% 80%, 70% 1990, 46, 17, 937, 593, 449, 28, 453, 25 1997,,, ) 1997, 1997, 501 447

, 1997, 4, 9 9 1, 1 1 3, -19,587, -93,948 468, 690 4 1991-1996 R&D 75-85% 80, 70%, 20%, 90 25% 7%, 2,,,,,,,, (9 ) (160), (44), (24), (10) (10), [ 12] (1993 ) 1) 1 160 2) 12 3 2 44 13 3 ) 1997, 1997, 502 448

3 24 14 3 4 10 15 2 5 10 16 2 6 9 17 2 7 7 18 1 8 7 19 1 9 4 20 1 10 4 21 1 11 / 3 1),,,, 1950 2) : The World Competitiveness Report 1995, World Economic Forum,Geneva, Switzerland, 1995,,,,,,,,,,,,,,,, ` ' - - 1997, DVD " " DVD,,, 5-6 449

,,,,,,, 2 5 (,,,, ), (,,,, ),, ( ), (, ),, ( ),,,, (,,, ), 60-80,,,,,, ( ), ( ),,,,,,,,, ( ), 7 1997, 8 4 3 (60%),,,, 5 450

90% ( ) 1997, 723% 5 [ 13] (1993 ) 1) ( : ) 1 59454 23 873 2 31490 24 844 3 12953 25 746 4 7877 26 742 5 7406 27 701 6 6615 28 542 7 6239 29 487 8 4011 30 467 9 3214 31 454 10 3149 32 / 438 11 2779 33 432 12 2618 34 405 13 2514 35 370 14 2314 36 356 15 2104 37 291 16 1938 38 279 17 1883 39 251 18 1556 40 213 19 1402 41 179 20 1231 42 159 21 1022 43 133 22 876 1) : The World Competitiveness Report 1995, World Economic Forum,Geneva, Switzerland, 1995 451

, 1990 1997, 7 5 6 6 5 90, 302%, 199%,,,,, 134% ( ), 115%, 79%,, 77%, 40%,, 54%, 1997, 199456%1995 543% 62% 1996, 19, 1998-1999 30, 8, 90 37 -,,,, - 20-24, 1, 1994 1,441, ( -2,547, -2,400, -2,375), ( - 2,017, -1,945, -1,880) 21 (403 ) -, 1995 6, G7 ) 1997, 1997, 59 452

(ILO), 1995 1 3 4 8 2 1/3 90 (4800%), (2240%), (1770%), (1760%) 1993 10 (140%), (145%), (190%), (200%), (240%), (249%), (250%), (300%), (320%), (440%) 1997 68 ( ) 25 6, 21% 5 7 ( ) 1997 1 4, 134% - 1/3 9 9 1 1 3, (19,587 ) (93,948 ) 468 690 7 ` ',,,, ) 1997, 1997, 59 ) 1997, 1997, 502 453

,,, 42, 90, 3,, 2000-68%, - 44%, - 39%, -,,,, CIS,, 10, (62%), (22%), (13%) 3,,,, " ",,,, " ", 1/3, 500-600 " ", -,,,,,, 5,,,,, ", 90 454

26 8 -,, - - 14%, (32%), (27%), (18%),, 90 1 57 kw 95 8,460 kw 82% 76% 98 8,370 kw/h, 40%, 15% 1 93 13 [ 14] 1 1993 (kw/h) 1 28515 22 4422 2 18278 23 4193 3 17488 24 3917 4 12067 25 3829 5 10886 26 3462 6 9048 27 3103 7 8559 28 3042 8 8097 29 3000 9 7459 30 2893 10 7167 31 2672 455

11 / 7053 32 1721 12 6478 33 1629 13 6297 34 1532 14 6221 35 1529 15 5872 36 1077 16 5740 37 1026 17 5660 38 987 18 5509 39 408 19 5356 40 346 20 5086 41 244 21 4549 : The World Competitiveness Report 1995, World Economic Forum, Geneva, Swizerland,1995 90 213, 7% 70% ( ), 20% ( ), 10% ( ) 1995 995 kw/h, 12%, 30% 1996, 460, (108), (55), (43), (37), (29), (21), (21), (12), (9), 2000 25, 2010 43, 1990 1995 20%, 39% 90, 50 456

, 90 1-2%, 12-18% 2% 10%, 1997 8 2000 290 kw/h, 2010 1,120kw/h 2000 1, " " 1997 1 5,, 150, -, " "(1996-1997 ),, 15 320-810 65-70%, 2010 1269 kw/h (80%), 20% 9,, 457

, -, 90-45 (34 ), (43 ), (46 ), (50 ) -, 90 6, 45,,,,,,, 74%, 47%, 44% 1994 158,000 2 -, 27%(33 ), 42% 61%, 69%, 40% 10, 9047, 4,, 382%, 24% 41%, 1995, 927 1/3, 10% 1 25, 1,000, 800 25-30% 458

,, 2, 90,, 1/5, 30% 8 3 ", 1996, 418, 390 150, 37 80% 95 3 1 444, 94 85% 66% 32%, 2%, 96, 8,622, 6,019, 2,603, 9 34 75% 2000, 1,904 547 98, 756 5457, 1994855, 82, 18 459

90, 186% 40, 45,600, 165, 276 3,, 16 / / 90 46% (203 ) (1 118 ) 1998,, (69%), (24%) (7%) " ", 2000 800 10 93 41, 90 15-20 70 ( ), 1 [ 15] (1993 ) 1 962 23 716 460

2 952 24 627 3 948 25 596 4 927 26 596 5 9215 27 / 578 6 915 28 574 7 914 29 497 8 883 30 480 9 875 31 470 10 871 32 466 11 861 33 455 12 854 34 438 13 852 35 435 14 824 36 434 15 813 37 330 16 800 38 303 17 796 39 274 18 790 40 265 19 784 41 157 20 774 42 138 21 732 43 119 22 723 : The World Competitiveness Report 1995, World Economic Forum,Geneva, Swizerland,1995, 1 ( 100 ), 90 2 6, 100 17, 10060-70 10018 2 27 1,200, 461

5 ( ),, ( ), 93 1 (153 ) 28 (684 ), (608 ), (592 ), (583 ), (561 ) 3-4 1,100 96 5 2 10 1990-1992 02%, 39 1% (120%), (119%), (112%), (108%), (105%), (100%) 6 ( 65%, 30%), (COMECON) 40% ` '( ), ` '( ), ` '( ), ` '( ), ` '( ), ` '( ),, 93 (3 ), 94 (5 ), 95 (512 ), 96 (750 ), 97 (820 ) 8,,, "50 x ) 24 29 1998, 41 462

50", 5 5 150,, 20% "USBest international" " ", " " " " " 10 2, 2, 98 2 7, 1 1 2, 9 8 6, 5 7, 4 ( ), 2 9, 1 3 90 1 7 2 (261,780 ), (174,050 ),,,,, 98, 35-50 98 15,000 < >, 2003 4, 8, 2 1, 2005 5-97 8, 2 1 " " 93 3 94, 1762, 8,910, 555 7,630 463

464, 3 3 - - - 15,360 3,400, 5, ", INK" " " 1998 9, 66 23 50 1, 2003 20-30 60%,, 200510 11 1995 300 10 1993 16 35 1993 18, 30 [ 16] (1993 )

1 4290 19 057 2 703 20 051 3 598 21 049 4 543 22 044 5 4,30 23 043 6 302 24 040 7 251 25 037 8 198 26 029 9 181 27 028 10 120 28 027 11 096 29 025 12 094 30 020 13 091 31 020 14 076 32 020 15 / 068 33 017 16 068 34 014 17 067 35 014 18 062 [ 17] (1993 ) 1 0288 20 0080 2 0193 21 0075 3 0188 22 0075 4 0173 23 0045 5 0169 24 0037 6 0168 25 0033 7 0162 26 0028 8 0150 27 0023 465

9 0148 28 0023 10 0140 29 0018 11 0138 30 0018 12 0136 31 0010 13 0129 32 0010 14 0128 33 0007 15 0125 34 0007 16 / 0118 35 0005 17 0098 37 0001 18 0095 38 0001 19 0086 39 0001,,,,,,, " ( )",, " ",, 1990,, " ",,,, 30 466

800 200 ( ) 1997 DVD " " DVD,, 5-6,,,,, (Neuro-computer), 1000 2 5,000 1995 12 IMF ( ) [ 18] (1993 ) 1 1039 21 / 122 2 984 22 112 3 828 23 111 467

4 642 24 105 5 452 25 103 6 437 26 100 7 371 27 89 8 322 28 80 9 321 29 79 10 312 30 77 11 257 31 76 12 226 32 69 13 226 33 68 14 219 34 53 15 201 35 51 16 198 36 43 17 189 37 35 18 174 38 33 19 154 39 33 20 129 40 01 1992 50% IMF 1 " (Stand-by loan)",, (1993 ) 39 1992 5 2 1993 9 1 77 468

1995 10 136 112, 24 1993 66% 3 1993 14 137, 134, 116, 61, 60, 49 1996 3 1996 75% 20% 5% (95%), AA "1 (overnight)" 1917 885 (1917-1991 ) 11,000 3,000 1953 1,0498 [ 19] ( 1991, : ) 469

1953 1171 2,0498 1985 2640 7195 1986 2713 5874 1989 3040 8504 1991 1681 4846 1992 1461 2900 1993 1495 3058 1994 1476 3218 1995 1426 2780 1996 1430 3860 1953 1991 40 8,200 1991 485 1993 305980 17 [ 20] (1993, : ) 1 2618 21 48 2 952 22 44 3 833 23 40 4 816 24 34 5 667 25 32 6 337 26 31 7 / 250 27 29 8 242 28 25 9 186 29 24 10 185 30 20 11 161 31 20 12 156 32 19 13 136 33 19 14 127 34 12 15 115 35 05 470

16 115 36 05 17 98 37 05 18 79 38 04 19 61 39 03 20 61 40 02 1995 1 1 3218 1890 1328 1996 6 386 1997 8,179 20 2,997 15 IMF 1995 115 63 1997 200 175, 25 20 1998 7 160 9 IMF 100-150 13 (800 ) 35% 1997 12 ( ) 3 2008-2012 ( ) 1990 EU 8% 7%, ),, ( ) 24, 30 1998 471

472 6% 1998 199070% 2010 1990 4% 2 5000 30-100 1 1190 1 150 < > 1 7900 10 ) ( ) 66, 6 1998 4