Реформування української економіки у 97-98рр

Тип документу: Курсова

Сторінок: 1

Предмет: Економіка

Автор: фелікс

Розмір: 18.1

Скачувань: 715

РПаЎ±б>юя §©юяяяҐ¦яяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяяямҐБq`"рї6ЩbjbjqPqP4ж::caяяяяяя¤цццц&NZn7778N7j7LnФ=мВ7В7Ш7Ш7и7и7и7и7#:%:%:%:d‰:lх;la=А>h(Aґa=-ц и7и7и7и7и7a=цци7и7Ћ=999и7^ци7ци7#:9и7#:99L9[цц·9и7¶7`3rЖ7F8j§9Ч9L¤=0Ф=Ї9ЬA°8^ЬA·9ЬA<·9 и7и79и7и7и7и7и7a=a=9и7и7и7Ф=и7и7и7и7nnnД2дnnn2nnnццццццяяяя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oTW @>1>B8.1. 0:@>5:>=>;VB8:0 0 >AB0==V @>:8 2 A8AB5=0;L=8E @0EC=:V2 #:@0W=8 A?>AB5@V30NBLAO 42V 70:>=>ABV. 7 :>6=8< @>:>< ?040T, V ?040T 2>=> V7 A?04=8<8 B54>;0==O :@87>28E O28I A?@O<>2CTBLAO 5:>=>;VB8:0 =0H>W 45@6028. 4=0: ?@8?8=8B8 =530B82=V B5=45=FVW ?>?5@54=L>3> 5:>=>3> A?04C, 4>?>2=5=>3> ?>;VB8:>N B0: 720=>W "H>:>2>W B5@0?VW", ?>:8 I> =5 240TBLAO. !?@020 CA:;04=NTBLAO B8<, I> :@870 >E>?8;0 ?> ACBV 2AV @53V>=8 :@0W=8, 703>AB@NNG8 O: =0;L=V 2V4=>A8=8, B0: V 2V4=>A8=8 @53V>=V2 7 F5=B@><. #:@0W=V =5 ?>A;01;NTBLAO V A>FV0;L=0 =0?@C30, ?>2'O70=0 7 5:>=>N AB03=0FVTN V A?04><, 157@>1VBBO<, 25;8G57=8< A>FV0;L=8A< @>7H0@C20==O< =0A5;5==O, =510G5=8< ?>H8@5==O< 651@0FB20 V :@8?>2=5=0 4> B>3> 6 =528@VH5==O< @53V>=0;L=8E ?@>1;5<. 5>1EV4=> 7>A5@548B8 45@602=5 C?@02;V==O, @8=:>25 V 3>A?>40@AL:5 @53C;N20==O =0 @>728B:C A>FV0;L=>>@VT=B>20=>3> B>20@>28@@>1=8FB20, 70157?5GCNG8 :>=>402G5 V =>@<0B82=5 @53C;N20==O 5:>=<8A;>2>ABV, 5=5@35B8:8 9 AV;LAL:>3> 3>A?>40@AB20, AD5@8 ?>A;C3, 2:;NG0NG8 10=:V2AL:>-DV=0=A>2C A8AB52=> 206;828< :@>:>< 4> 74V9A=5==O F8E 70240=L T @0FV>=0;L=5 @>745@602;5==O V ?@820B870FVO 2;0A=>ABV, D>@3> V 1V;LH 5D5:B82=>3> 3>A?>40@O. &V ?@>F5A8 2 #:@0W=V >AB0==V< G0A>< 7=0G=> ?@8A:>@8;8AO. 06;825 7=0G5==O <0T :>@83C20==O 20;NB=>-DV=0=A>2>W V :@548B=>W ?>;VB8:8. :>=>65 CA?VH=> @>72820B8AO, O:I> ?> A?@026=L>-DV=0=A>25 A5@54>28I5, =5 ?@8?8=8B8 =0 74>@>2V9 5:>=>A=>2V V=D;OFV9=V ?@>F5A8. %2>@>1;82VABL 20;NB=>-DV=0=A>2>W A8AB5<8 ?V4B25@48;0 A5@?=520 :@870 2 >AVW, I> =530B82=> 2?;8=C;0 =0 >1<>6=VABL 3@><04O=, ?0@0;V7C20;0 G0AB8=C =0H>W 5:>=> =525;8:>3> ?@8@>ABC 1C;8 @V7:> ?5@5:@5A;5=V.0E>48, 26820=V 45@602>N, 72CG0BL 45I> ?@>:;0<0B82=>. F5 =5 482=>, 1> G0ABVH5 2AL>3> 206;82V 5:>=>:C<5=B8, I> T @8G030<8 7 ?@89<0NBLAO :@V7L ?@87@?>@0B82=8E G8 ?>;VB8G=8E V=B5@5AV2, G8 27030;V =5CE20;NNBLAO. 2. =AB8BCFV9=V 74 A0<>2@O4C20==O 7 1030BL<0 =54>;V:0<8. 0A82=89 45@602=89 0?0@0B 2B@0B82 A2>N 0:BC0;L=VABL. 8=:>20 5:>=>1;5< 22060;>AO =0473;O40;8AO ?5@A?5:B828 AB2>@5==O A?5FV0;L=8E 5:>=>=. )5 7 @04O=AL:8E G0AV2 2 #:@0W=V =01C;> H8@>:>W ?@0:B8:8 AC1A84C20==O ?V4?@8T: :>HBV2 5@602=>3> B0 4> O:8E 2 1N465BV 73>@=CB0 V=D>@<0FVO, A:;0;8 C 1997 @>FV 7.4% . 0 >FV=:0<8, 28B@0B8, =5 >1=0@>4C20=V 2 1N465BV, A:;040;8 1.5% . # :@0W=0E, O:V =091V;LH CA?VH=> ?@>AC20NBLAO =0 H;OEC @5D>@<, F59 ?>:07=8: C 2-3 @078 <5=H89. # 1998 @>FV ?5@5410GC20;>AO 7=878B8 AC1A84VW 4> 6.2% . 4=0: 1C;> ?@89=OB> 45:V;L:0 @VH5=L, 2V4?>2V4=> O:8E C 1N465BV 7(O28;8AO =>2V 2848 28B@0B: :@548B8 =0 1C4V2=8FB2>, @5:>=AB@C:FVN B0 B5E=VG=5 ?5@5>71@>T==O >1(T:BV2 ?> 28@>1=8FB2C 5:>;>3VG=> G8AB8E ?@>4C:BV2 E0@GC20==O; ?V4B@8<:0 2C3V;L=>W ?@><8A;>2>ABV; 4>B0FVW AV;LAL:>3>A?>40@AL:8< B>20@>28@>1=8:0< B0 V=. (8@>:> @>73>@=C;>AO =5?@O<5 AC1A84C20==O ?V4?@8T40B:>2V ?V;L38, @5AB@C:BC@870FVO ?>40B:>2>W 701>@3>20=>ABV. 1AO3 ?@O<8E V =5?@O<8E AC1A84V9 ?84?@8T AB0=>28BL 20% , T 4C65 28A>:8<. &5 =5<8=CG5 A?@02;OT =530B82=89 2?;82 =0 AB8 ?@0FV V 28@>1=8FB2>, AB84>265==O VA=CNG>W C<>28 4;O B8E, EB> ?@0FNT ?>30=>. >;>28=C AC1A84V9 2V4:@8B> =5 2:070=> 2 1N465BV. 040==O AC1A84V9 2 #:@0W=V ?@0:B8G=> ?>7102;5=5 B@0=A?5@5=B=>ABV, I> AB2>@NT A?@8OB;82V C<>28 4;O A202V;;O, :>@C?FVW V ?@82V;5W2.!?5FV0;L=V 5:>=>=8 (!) 2 :@0W=0E V7 ?5@5EV4=>N 5:>=>NN <0NBL A?@8OB8 H284:>2;5==N @8=:>28E <5E0=V7:@5<8E @53V>=0E. :2VB=V 1998 @>:C 1C;> CE20;5=> 70:>=>?@>5:B ?@> >=5FL:C !. =0;V7 4>:C<5=BC ?>:07CT, I> 2V= W 70@53C;L>20=>ABV B0 45@602=>3> :>=B@>;N. <0;L>20=V B0< 70E>48 4;O 70;CG5==O V=25AB8FV9 =0A?@024V T =5?@8201;828<8. ;O 70A=C20==O ! <0T 28:>@8AB>2C20B8AO <5=H @53C;OB82=89 ?V4EV4. :@5A;5=89 BCB H;OE ?@872545 4> G8A;5==8E =>28E >@30=V2 2;048, 0;5 >1<565=8E AB8 V=25ABC20==O. =865==O ?>40B:>2>3> B8A:C V CAC=5==O ?5@5H:>4 =0 H;OEC 7>2=VH=L>W B>@3V2;V <>6=0 BV;L:8 2VB0B8. ;5 4;O B>3>, I>1 FV 70E>48 AB0;8 5D5:B82=8<8, VAB>B=> 206;82>, I>1 WE AC?@>2>46C20;8 :@>:8 7 45@53C;OFVW. 3. =>=>:0702, I> <0:@>5:>=>2 7 A2>3> ?5@5EV4=>3> AB0=C, 4;O O:>3> =09E0@0:B5@=VH>N >7=0:>N T ?@>F5A @C9=C20==O F5=B@0;V7>20=>W A8AB5<8. ?B8<0;L=VABL AB@C:BC@8 =0FV>=0;L=>W 5:>=>N N 7C<>2;NTBLAO 5D5:B82=VABN A?V22V4=>H5==O 30;C759, I> 28@>1;ONBL B>20@8 B0 ?>A;C38. 0 40=8<8 A2VB>2>3> 10=:C, 4;O 28A>:>@>728=5=8E :@0W= E0@0:B5@=89 28?5@546C20;L=89 @>728B>: AD5@8 ?>A;C3, 4;O :@0W= 7 =87L:8< @V2=5< 4>E>;V2, O:>N T #:@0W=0 - =02?0:8, ?0=V2=V ?>78FVW 709<0T <0B5@V0;L=5 28@>1=8FB2>. # AB@C:BC@V 28A>:>@>728=5=8E :@0W= ?8B><0 2030, A:06V<>, AV;LAL:>3> 3>A?>40@AB20 =5 ?5@528ICT 2%, E>G0 ?@>4>2>;LG0 ?@>1;5<0 B0< ?>2=VABN 28@VH5=0. #:@0W=V E>G V <0T 3>A?. 28@>1=8FB20, 0;5 F5 2V41C20TBLAO, 3>;>2=8< G8=><, 70 @0EC=>: A:>@>G5==O 01A>;NB=8E >1AO3V2 28@>1=8FB20. @>B5 :0@48=0;L=8E 7AO. @0W=0 ?@>4>26CT ?5@51C20B8 =0 AB04VW V=4CAB@V0;V778FVW 709<0T , B>4V O: 28A>:>@>728=5=V :@0W=8 0:B82=> D>@ABV=4CAB@V0;L=89 B8? 28@>1=8FB20. !CG0A=0 <0:@>5:>=>F5AV2, 0 9 AB2>@5==O 1;>:8@0B>@V2 5:>=>3> 7@>AB0==O. #:@0W=V 265 268B> 7=0G=8E 7CA8;L I>4> ?>:@0I5==O C<>2 4;O ?@>2545==O 7<8A;>2>ABV B0 @V7=V 45@602=V V=25AB8FV9=V ?@>3@0<8, 2V4=>A=V FV=8 ?@O A2VB>28E. @>B5 ?>B@V1=> 4>:;0AB8 I5 1030B> 7CA8;L, I>1 AB@C:BC@0 5:>=><8E 7@W A8AB5<8$V=0=A>289 A5:B>@ 2V4V3@0T ?@>2V4=C @>;L C @>7?>4V;5==V @5AC@AV2 70 C<>2 @8=:>2>W 5:>=>@ #:@0W=8 ?@>9H>2 4>2389 H;OE A2>3> D>@ AB2>@5=> #, 2V44V;5==O 5@610=:C @5>@30=V7>20=> C ? OBL A?5FV0;V7>20=8E 10=:V2, :V;L:VABL :><5@FV9=8E 10=:V2 A:;040T 1;87L:> 200.=0;V7 AB0=C 10=:V2AL:>W A8AB5<8 40T B0:V @57C;LB0B8. 0 45@602=V 10=:8 ?@8?040T 1;87L:> ?>;>28=8 >?5@0FV9 10=:V2AL:>3> A5:B>@C. @>B5 WE=O G0AB:0 ?@81CB:C A:;040T ;8H5 28%, I> =0HB>2ECT =0 4C<:C ?@> B5, I> 10=:8 ?@820B=>3> A5:B>@C <5=H5 AB@0640NBL 2V4 ?@>1;5< =0 ?>G0B:C @>1>B8 B0 2V4 @>74CB>3> C?@02;V=AL:>3> 0?0@0BC. 5=HV 10=:8 7 0:FV>=5@=8< :0?VB0;>< 2V4 6 4> 20 <;=. 3@=. T 1V;LH CA?VH=8<8. E=O G0AB:0 C 7030;L=V9 ACW A8AB5<8 A:;040T 30.2%, ?@>B5 2>=8 CB@878BV2 B0 19% ?>78:. 5=HV 10=:8 T B0:>6 :@0I5 :0?VB0;V7>20=8<8. > 2V4=>H5=N 4> 10=:V2AL:0 A8AB5<0 709<0T <5=H5, =V6 20%, B0 7030;L=0 AC<0 :@548BV2 A:;040T 6% . 0 B0:>@ T 4C65 =54>@>728=5=8<, =5740B=8< 70157?5G8B8 ACG0A=V 10=:V2AL:V ?>A;C38 4;O =0A5;5==O. :>=>1;5<8, DV=0=A>20 2@07;82VABL B0 N@848G=> =5>D>@<;5=0 =820 :@548BC20==O - =5 4>72>;ONBL @>728=CB8AO :@548BC20==N, 7 CAV<0 =530B82=8<8 =0A;V4:0<8 4;O ?V4?@8T78:8 4>@V2=NNBL ;8H5 30% 10=:V2AL:8E 0:B82V2, B>4V :>;8 70;8H:8 V=25ABCNBLAO 2 B0 V=>75<=C 20;NBC. #:@0W=0 2A5 I5 AB@040T 2V4 AB8EV9=8E A?;5A:V2 1@0:C 4>2V@ O 7 1>:C V=>75<=8E V=25AB>@V2, I> A5@9>7=> 45AB01V;V7CT 2=CB@VH=V ?@>F5=B=V AB02:8.0=:V2AL:0 A8AB5<0 ?>B@51CT @5D>@@<8 265 ?>G0;8AO. #AV 45@602=V 10=:8 B0 :>;8H=V 45@602=V 10=:8 T 70@07 704VO=V B0: G8 V=0:H5 C A?V2@>1VB=8FB2> 7 V=>75<=8<8 ?0@B=5@0<8. # 70?@>20482 =>2C :>=F5?FVN 10=:V2AL:>W 72VB=>ABV, I> 2V4?>2V40T S (4=8< 1CE30;B5@AL:8< AB0=40@B0<). C;> 2AB0=>2;5=> =>@<0B828 4;O @878:C :><5@FV9=8E 10=:V2 (<0:A8<0;L=89 @878: 10=:C =0 >4=>3> ?>AB0G0;L=8:0 B0 72545=89 @878: 7 =040==O 25;8:>3> :@548BC, <0:A8<0;L=V ?>78:8 =0 @57845=BV2 V 4;O 2AVE @57845=BV2, <0:A8<0;L=V =528?;0G5=V 78:8, 0:FV>=5@=5 V=25ABC20==O V =545@602=V 1>@3>2V >1<565==O 4> 50% :0?VB0;C 10=:C). C;> 2AB0=>2;5=> >A=>2=V =0?@O<8 4;O 5D5:B82=>W ?5@52V@:8 10=:C =0 G=8E ?5@52V@>: 72VB=>ABV 10=:C 4;O 60% 0:B82V2 10=:C. A=CT :> 28:>@8AB>2CTBLAO 4;O >1<565==O 4VO;L=>ABV 10=:V2 B0<, 45 WE=O :>N. V=V<0;L=89 @V25=L 2;0A=>3> :0?VB0;C 10=:C 2AB0=>2;5=> =0 @V2=V 1 <;=. .. > A5@?=O 1998 @>:C C@O4 B0 # 7025@H82 B5E=VG=C @>1>BC V7 2AB0=>2;5==O A8AB5<8 AB@0EC20==O 45?>78BV2.5. 5D>@FV0;L=>W AD5@8;81>:0 @5D>@<0 2 A>FV0;L=V9 AD5@V #:@0W=8 ?>B@V1=0 7 1030BL>E ?@8G8=: 7<5=H5==O G8A5;L=>ABV =0A5;5==O B0 >GV:C20=>W B@820;>ABV 68BBO, 71V;LH5==O ?>H8@5=>ABV 70E2>@N20=L, B>4V O: A8AB5<0 <548G=>3> AB@0EC20==O, I> 107CTBLAO =0 2=5A:0E 3@><04O=, I5 =5 22545=0; O:VABL 1030BL>E ?>A;C3 C A>FV0;L=V9 AD5@V 70;8H0TBLAO =87L:>N, B>4V O: ?V;L38 V A>FV0;L=V 28?;0B8, I> =040NBLAO, =5 702648 T 4>AB0B=L> 28?@0240=8<8.!>FV0;L=V 28B@0B8 2 #:@0W=V ?>4V;ONBLAO =0 B@8 @V7=>2848: 28B@0B8 A>FV0;L=>3> AB@0EC20==O V D>=4C '>@=>18;O, A>FV0;L=V 2840B:8 1N465BC B0 A>FV0;L=V 28B@0B8 ?V4?@8T:07=8: AC:C?=8E A>FV0;L=8E 28B@0B <0T B5=45=FVN 4> 7<5=H5==O, I> ?>2(O70=> V7 7<5=H5==O< A>FV0;L=8E 2840B:V2 1N465BC. @>B5 F5 =5 >7=0G0T, I> A>FV0;L=V9 ?>;VB8FV ?@8Ш0 H N`bfnв?”ЊЋ8:р& ( Ћ*?0Љ0¶0:7<7ф7ц7TC’CfO®O°O‚[„[кcмc.d>i@ijxцxшx6~v~x~ZЃЊ‚Ћ‚Р‰Т‰ъуънънъжънжЬПЬВЬжъѕнЬжнµнµнжнж®нўнѕжнµн нµн•ЉѕЬЂЬВh©_ CJmH sH h©_ 5ЃCJ$mH"sH"h©_ 5ЃCJ mH"sH"Ujh©_ 0J<ЃUh©_ 5ЃCJ j h©_ CJh©_ jўрh©_ CJmH"sH" j%рh©_ CJmH"sH"h©_ CJmH"sH"h©_ 5ЃCJ h©_ CJh©_ 5ЃCJ$h©_ CJ 24nprtv°Іґ¶ёєШ4 6 8 : < > @ B D F H Њ њ ъ щщщщщщщщщщщщщщщщщщщщщщщщщууу$1$a$$1$a$ЖШьШ4Щэээъ >@BDFHJLNbfТФЦво–NшћJщщщщщщщщщуслсжЮХММММї„Xы„Єdа]„Xы`„Є„Єdа`„Є„Ћdа`„Ћ$dаa$dа„Ћ`„Ћ$1$a$$1$a$Jи Jrtvxz|~Ђ‚„†?”¤ЬЮтййааайЪЪФФФФФФФПГГГГГ$„7dа`„7a$dа$1$a$„7`„7„Ћdа`„Ћ„Єdа`„Є„tь„Єdа]„tь`„ЄЮавджикмор( R&Ш(Ћ*’.?0Љ0¶03$9@=RCTCуууууууккЮЩЩЩуууРГГГГР$„7dа1$`„7a$ $dа1$a$dа$„7dа`„7a$$„7`„7a$$„7dа`„7a$TC’CE2MfOhO°OюQ‚[кcмc.d`gІhHz4~6~x~ZЃ(‡V?:‰цйййбцййййцййййЫбЦКёё$&FЖџdаa$gdx“$„7dа`„7a$dаdа1$$dаa$$„7dа1$`„7a$ $dа1$a$4V;OTBLAO <5=H5 C2038. VA;O 22545==O ?@>3@0<8 68B;>28E AC1A84V9, O:0 ?5@5410G0T =040==O 4>?><>38 ;8H5 <0;>70157?5G5=8< AV<(O<, 45@602=V A>FV0;L=V 28B@0B8 7 4V9A=> <0NBL C FL>B@51C. "0:0 7N V 7@>18;0 G0AB8=C 45@602=8E 28B@0B 1V;LH 5D5:B82=>N. 1AO3 ?@>2545=8E @5D>@< 2 40=V9 AD5@V 4C65 <0;89, ?@>5:B8 I>4> 720465=V 2 68BBO. AD5@V >A2VB8 70@07 70?@>2046CNBLAO 1030B> ?@820B=8E 70:;04V2, I> G0AB> AC?@>2>46CTBLAO 7=865==O< 28<>3 4> @>7C<>28E 74V1=>AB59. >B@V1=>, =0?@8:;04, AB8A;C3 V 70?>1V3B8 28BVA=5==O 74V1=8E G;5=V2 <0;>70157?5G5=8E AV<59 <5=H 74V1=8<8 ABC45=B0<8, 740B=8<8 70?;0B8B8 70 =02G0==O. >B@V1=> >1<568B8 <=>68==VABL 284V2 A>FV0;L=>W 4>?><>38, I>1 70?>1V3B8 7;>26820==N C 40=V9 AD5@V. 6. N465B=0 V ?>40B:>20 ?>;VB8:0N465B-97 ?@>9H>2 1030B>AB@040;L=89 H;OE G5@57 =0H ?0@;0<5=B V 1C2 ?@89=OB89 40;5:> =5 4> 1 AVG=O 1997 @>:C. 0=V, 70:;045=V 2 1N465BV, 1C;8 =5 4>A8BL B>G=8<8 7 >3;O4C =0 =5?>2=C :>W AB0B8AB8:8. GV:C20=89 , @V25=L V=D;OFVW 1C;8 ?52=>N N A:>@53>20=V A:>@VH5 1060==O< 7C?8=8B8 A?04, 0 =5 AB2>@N20==O< 2V4?>2V4=>W 70:>=>4022>W 1078 4;O FL>3>.@>BO3>< 1997 @>:C 4> :>=A>;V4>20=>3> 1N465BC #:@0W=8 =04V9H;> 27148.9 <;=. 3@=. 7 7030;L=>W AC<8 =04E>465=L ?>40B:>2V AB0=>28;8 21640 <;=. 3@=., 01> 79% 2V4 7030;L=>W AC<8 4>E>4V2. 0:>= #:@0W=8 @> A?8A0==O B0 @5AB@C:BC@870FVN ?>40B:>2>W 701>@3>20=>ABV ?;0B=8:V2 AB0=>< =0 31 15@57=O 1997 @>:C 402 7<>3C ?;0B=8:0< ?>40B:V2 72V;L=8B8AO 2V4 2V4AB@>G5=8E 45@602>N 1>@3V2 ?5@54 1N465B>< =0 AC:V2 I5 3192 <;=. 3@=. >4=>G0A ?>B>G=0 =54>?;0B0 4> 1N465BC A:>@>B8;0AL ;8H5 =0 279 <;=. 3@=. # ?5@H8E 420 =C 2 4VN. 030;L=0 AC<0 701>@3>20=>ABV ?V4?@8T@30=V70FV9 #:@0W=8 ?> ?;0B560E 4> 1N465BC 2 FV;>A;0 2 1.9 @078. A=>2=8<8 G8==8:0<8 28=8:=5==O =54>?;0B8 T:V4ACB=VABL :>HBV2 =0 @0EC=:0E ?;0B=8:V2 2=0A;V4>: =0:>?8G5==O 7=0G=8E AC< 451VB>@AL:>W 701>@3>20=>ABV G5@57 =5?;0B>A?@><>6=VABL A?>6820GV2 ?@>4C:FVW;8:>@8AB0==O AE5< B>20@>>1?5@0FV9, 2=0A;V4>: G>3> =0 @>7@0EC=:>2V @0EC=:8 ?V4?@8T4OBL :>HB8;=865==O ?>?8BC =0 ?@>4C:FVN G5@57 72C65==O 2=CB@VH=L>3> @8=:C B0 2B@0BC 72(O7:V2 =0 7>2=VH=L>@AL:0 701>@3>20=VABL <0;0 B5=45=FVN 4> 7=865==O, 0 B>20@>>1?5@0FVW =01C;8 VAB>B=>3> ?>H8@5==O. @>BO3>< CAL>3> @>:C A?>AB5@V30;0AO B5=45=FVO 4> 7@>AB0==O G0AB:8 ?@>4C:FVW, I> @50;V7>2CTBLAO 70 10@B5@=8<8 C3>40<8.N465B-98 1C;> ?@89=OB> 702G0A=>. "0:0 ?>A?VH=VABL ?>OA=N20;0AO 3@O4CI8<8 281>@0<8 4> 5@E>2=>W 048. # @>7@0EC=:0E 45@602=>3> 1N465BC 2@0E>20=> 20;>289 2=CB@VH=V9 ?@>4C:B-101.1 <;@4 3@=., I> 2 @50;L=>7 9>3> 7@>AB0==O =0 0.5%. V25=L V=D;OFVW 12%, >DVFV9=V9 >148= 4>;0@ !(. A=>2=V ?>:07=8:8 45@602=>3> 1N465BC 287=0G5=> 2 @>7E>48 21101.1 <;=. 3@=., 01> 29.4% , 2840B:8 24481.8 <;=. 3@=. (32.7% ), 45DVF8B 1N465BC 3380.9 <;=. 3@=. (3.3% ).A=>2=8<8 =04E>465==O<8 4> 1N465BC T: ?>40B>: =0 4>40=C 20@BVABL 8.7% , I> ?@81;87=> =0 0.3% 1V;LH5, =V6 C 1997 @>FV; 0:F87=89 71V@ 1.3% , I> <0965 242VGV 1V;LH5 @V2=O ?>?5@54=L>3> @>:C; ?;0B56V 70 28:>@8AB0==O @5AC@AV2 0.6% . >40B>: =0 4>E>48 DV78G=8E >AV1 B0 ?>40B>: =0 ?@81CB>: ?V4?@8T:C 70@0E>2C20;8AO 2 ?>2=>1AO7V 4> 40B:>2V =04E>465==O AB0=>28;8 11510.2 <;=.3@=., 01> 54.5% CAVE 4>E>4V2 1N465BC. 04E>465==O 2V4 ?>28==V 1C;8 7@>AB8 =0 301 <;=. 3@=. 4>AO3B8 8.7 <;@4. 3@=.!B@C:BC@0 2840B:V2 45@602=>3> 1N465BC =0 1998 @V: C FV;>B=8E 7=04 ?>;>28=C (54%) 28B@0B 1N465BC AB0=>28;8 ?>B>G=V 2840B:8 =0 CB@8<0==O 1N465B=8E CAB0=>2. &O G0AB:0 <0;0 7<5=HC20B8AL =0 :>@8ABL >?;0B8 ?@0FV B0 A>FV0;L=8E ?;0B56V2 (=0 >?;0BC ?@0FV ?@8?040T 20% 2840B:V2 1N465BC). 03><0 G0AB:0 45@602=8E 28B@0B A?@O<>2C20;0AO =0 4>B0FVW B0 AC1A84VW =0@>4=>A?>40@AB2C. V;LHVABL 7 =8E =04020;0AO ?V4?@8T?@><8A;>2>3>, ?0;82=>-5=5@35B8G=>3> B0 68B;>2>-:>3> A5:B>@V2, I> AB8 28B@0B8 45DVF8B=8E @5AC@AV2 4;O DV=0=AC20==O =55D5:B82=8E 30;C759. @0E>2CNG8, I> 1N465B-97 1C;> 28:>=0=> =0 72.4%, 70 =09A?@8OB;82VH8E C<>2 ?5@5410G0;8 28:>=0==O 1N465BC-98 =0 89.5% 2V4 @VG=8E 70?;0=>20=8E 7=0G5=L. B>6 <8 >B@8<0;8 A:>@>G5==O =0 1.7% V V=D;OFVN (45D;OB>@ ) =0 @V2=V 12.1%. !5@54=V9 :C@A 3@82=V 4> 4>;0@0 AB0=>282 2.5 (3@=/4>;).$V=0=A>20 :@870 B0 28G5@?0==O <>6;82>AB59 @8=:C A?@8G8=8;8 2?;82 =0 28:>=0==O 1N465BC C 1998 @>FV. &5 7 C@O4 240B8AO 4> B0:>3> =5>1EV4=>3> CB>G=5==O 1N465B=8E ?>:07=8:V2. C;> 7@>7C, I> ?5@2VA=89 1N465B =0 1998 @V:, V >A>1;82> >FV=:0 F>3> =04E>465=L, T =5@50;VAB8G=8<8. 028A>:8< 1C2 B0:>6 V 45DVF8B 1N465BC. #B>G=5=89 C ;8?=V 1998 @>:C 1N465B (=04E>465==O C ACG:8 7>@C ?;0=C AC:C?=8E =04E>465=L, ?@>B5 =5 =0ABV;L:8 @50;L=8< I>4> >:@5<8E WW AB0B59. 5DVF8B 1N465BC 1C2 A:>@>G5=89 4> 2.34 <;@4. 3@=. !:>@>G5==O 7030;L=8E 2840B:V2 CB>G=5=>3> 1N465BC A:;0;> 4.4 <;@4. 3@825=L (7 33.1 <;@4. 3@=. 4> 28.8 <;@4. 3@=.) V 2V41C;>AO ?5@5206=> 70@0EC=>: A:>@>G5==O 28B@0B '>@=>18;LAL:>3> D>=4C, 0 B0:>6 @O4C V=H8E, <5=H8E, AB0B59 2840B:V2. /: 10G8<>, 70 1998 @V: #:@0W=0 =5 A?@028;0AO 7 ?@>1;5<>N A:>@>G5==O 4>E>4=>W G0AB8=8 1N465BC. >OA=5==O< FL>@>1;82VABL =0H>W ?>40B:>2>W A8AB5<8. 4=VTN 7 WW B@82>6=8E >7=0: T <>6;82VABL 28:>@8AB0==O 10@B5@C 01> 270T<>70;V:V2 O: 70A>1C A?;0B8 ?>40B:V2. V;L:0 ?@8G8=, A5@54 O:8E 2V4ACB=VABL ;V:2V4=>ABV ?V4?@8TH>28E >?5@0FVOE G5@57 VA=C20==O 0@B>B5:8 2, ?@872>4OBL 4> B>3>, I> ?V4?@8T40B:V2 C D>@20@V2, 0=V6 3@>H59. 5 <>65 =5 B@82>68B8 D0:B @>ABC 45@602=8E 2840B:V2 =0 D>=V 7<5=H5==O 4>E>4V2. &5 2 A2>N G5@3C ?>@>46CT 7=0G=89 45DVF8B 1N465BC. %>G0 45DVF8B 1N465BC-98 (2.8 <;@4. 3@=.) 1C2 4>A8BL 1;87L:8< 4> ?;0=>2>3> (2.3 <;@4. 3@=.), F5 =5 ?>:07CT FV;>W :0@B8=8. >:07=8: =5 2:;NG0T 25;8G57=V AC<8 701>@3>20=>ABV C:@0W=AL:8< C@O4>< 70 >AB0==V @>:8. > ACBV, FO 701>@3>20=VABL O2;OT A>1>N 4>40B:>2V 28<>38 4> C@O4C.7. "V=L>20 5:>=>FV=:0<8 @V7=8E 4>A;V4=8:V2, 25;8G8=0 :>5DVFVT=B0 BV=L>2870FVW ( 2V4=>H5==O >1AO3C 28@>1=8FB20 2 BV=L>2>@V 4> >1AO3C @50;L=>3> ) 2 1997 @>FV AO3=C;0 42%. &5 703@>6CT VA=C20==N ?V420;8=, =0 O:V A?8@0TBLAO AB@C:BC@0 5:>=>6=>W 7 :@0W=. "V=L>25 28@>1=8FB2> AC?@>2>46CTBLAO =87L:8< =04E>465==O< 4> 1N465BC, 0 >B65 BO3=5 70 A>1>N 7=0G=V A>FV0;L=V ?@>1;5<8, ?>2(O70=V 7 =528?;0B>N ?5=AV9, 70@>1VB=L>W ?;0B8 4;O ?@0FV2=8:V2 1N465B=>W AD5@8, ?0@0;V7CT DV=0=A>2>-:@548B=C A8AB5A2V4 1030BL>E :@0W=, BV=L>20 5:>=>1AO38 ?> 270T<>72(O70=V 7 25;8G8=>N ?>40B:>2>3> B8A:C. W E0@0:B5@8AB8:>N <>65 28ABC?0B8 25;8G8=0 ?>40B:>28E =04E>465=L O: G0AB:0 . 5:>=>289 ?@>1V9 . &5 ;028=>?>4V1=5 =0@>AB0==O @V2=O BV=L>2870FVW 5:>=>40B:>28< B8A:>< ?52=>W 25;8G8=8. "0:89 BV=L>289 ?@>1V9 2 #:@0W=V AB02AO 2 1993-94@@."V=L>20 5:>=>=B@>;L 2=CB@VH=L>W V 7>2=VH=L>W B>@3V2;V, 28A>:89 ?>40B:>289 B8A: V G0ABV 740B:>2>3> 70:>=>402AB20, 0 B0:>6 28A>:89 @V25=L V=D;OFVW. 8E>4>< V7 A8BC0FVW <>65 1CB8 7<5=H5==O ?>40B:>2>3> B8A:C H;OE>< 70:>=>402G>3> 7<5=H5==O DV:A>20=>3> ?@>F5=B0 4> 7=0G5=L @50;L=>W AC:C?=>W ?>40B:>2>W AB02:8 7 >4=>G0A=8< =02545==O< ?>@O4:C 7 ?;0B=8:0<8 ?>40B:V2 0410<8. 8. =B53@0FVO 2 A2VB>2C 5:>=> =0H>W 45@6028 @>7C 157 ?V4B@8<:8 0E>4C 289B8 V7 B5?5@VH=L>W A8BC0FVW 4>A8BL A:;04=>. 0EV4, 2 A2>N G5@3C 70FV:02;5=89 10G8B8 2 >A>1V #:@0W=8 AB01V;L=C, ?5@5410GC20=C B0 @>728=5=C 45@602C. @>3@0<0 $ Stand by ?5@5410G0T ?V4?@8<:C A5@54=L>AB@>:>28<8 :@548B0<8. @>B5 7=0G=V AC<8 B@0=HC 28:>@8AB>2CNBLAO C@O4>< 4;O ?>30H5==O 40@602=>3> 1>@3C. >;VB8:0 ?@>AB>3> ?@>W40==O 3@>H59 ?>@>46CT 25;8:V ?@>1;5<8. >AB5 7>2=VH=V9 1>@3 ?5@54 $, 0 9>3> 3@>HV =5 2:;040NBLAO 2 @>728B>: 5:>=><0465==O 701>@3>20=>ABV 70:;040T <5E0=V7< ?>2V;L=>W 4VW ?V4 2AN =0HC DV=0=A>2>-:@548B=C A8AB54V20TBLAO =0 5:>=>4=8< 7 70A>1V2 O:>3> <0NBL AB0B8 ?@O75<=V V=25AB8FVW - ?V4B25@465==O< FL>A2V4 =091;86G8E 35>3@0DVG=8E ACAV4V2. #@O4 >3>;>A82 70;CG5==O V=>75<=8E V=25AB8FV9 >4=8< V7 A2>WE =093>;>2=VH8E 70240=L. %>G0 ?@O75<=V V=25AB8FVW AB0=>< =0 1.03.98 7@>A;8 4> 2.2 <;@4. 4>;. !(, 7 @>7@0EC=:C =0 4CHC =0A5;5==O (25 4>;./>A.) #:@0W=0 28?5@5460T EV10 I> V;>@CAVN A5@54 :@0W= &5=B@0;L=>W B0 !EV4=>W 2@>?8. A=>2=8<8 FV;O<8 V=25AB>@V2 2 #:@0W=V T 70157?5G5==O ?>B5=FV0;L=8E @8=:V2 71CBC B0 28EV4 =0 =>2V , 0 >A=>2=8<8 ?5@5H:>40<8 - 70:>=>402G0 =5AB01V;L=VABL, =5704>2V;L=89 AB0= B@0=A?>@B=>W V=D@0AB@C:BC@8 B0 V=. > ?@>2545=V 71>@8 2 B@02=V 1998 @>:C AB8BV: V=25AB8FV9 2 #:@0W=C V7 0E>4C. "0:>6 1C;> CB2>@5=> ! V7 @5:>@4=>N AC<>N V=>75<=8E V=25AB8FV9 2B>0-DAEWOO.@V< ?>;VB8:8 70;CG5==O V=25AB8FV9 A;V4 707=0G8B8 B0:>6 ?>;VB8:C I>4> :C@AC =0FV>=0;L=>W 20;NB8, O:0 157?>A5@54=L> 2?;820T =0 @V25=L 5:A?>@BC C:@0W=AL:8E B>20@V2. 0 40=89 <><5=B <8 <0T<> 45DVF8B B>@3>2>3> 10;0=AC. 5;8:>N N F5 ?>OA=NTBLAO 7=0G=8<8 >1AO30<8 V@BC 5;5:B@>=>AVW2 7 >AVW. 6=0 1C;> 1 ?@>2545==O< ?>;VB8:8 ?;020NG>3> >13> :C@AC. >G0B:>20 4520;L20FVO 778FVW =0H8E 5:A?>@B5@V2. E=L>W 28@CG:8 28AB0G0;> 1 4;O ?>30H5==O 7>2=VH=VE 1>@3V2, C:@V?8;> 1 5:>=>;VB8:0 >1<565==O V@BC 0440<8 (22V7=V <8B0, ?>40B:8 =0 V@B) 45:>;8 ?>@>46CNBL 45AB01V;V70FVN =0 @8=:0E #:@0W=8 V =5 702648 AB8 @>ABC =0FV>=0;L=8E 28@>1=8:V2. 8A=>2>:!L>3>4=V A;>20 B@0=AD>@<0FVO, @5D>@6=0 ?>GCB8 G8 ?@>G8B0B8 1C4L-45 - =0 @04V>, ?> B5;510G5==V, 2 ?@5AV. 5D>@<8 AB0;8 =52V4 T<=>N G0AB8=>N =0H>W A2V4><>ABV. 5D>@B@51CT 7 2A5 - @>73> 0?0@0BC, 10=:V2AL:89 B0 DV=0=A>289 A5:B>@, A>FV0;L=0 A8AB5<0 :@0W=8, AB2>@NNBLAO =>2V V=AB8BCB8, 2B@0G0NBL 0:BC0;L=VABL AB0@V. !>FV0;VAB8G=0 A8AB5<0 5:>=>:>@V==> V=0:H>N 2V4 B>W, 4> O:>W ?@03=5 =0H0 45@6020. ;5 ?5@5B2>@5==O ?>28==V ?@>E>48B8 ?5@H 70 2A5 C A2V4><>ABV ;N459. !V<45AOB 420 @>:8 V45>;>3VG=>W >1@>1:8 AB2>@8;8 C ?V4A2V4><>ABV ;N459 B0:C V=5@B=C <0H8=C, O:0 =VO: =5 <>65 7C?8=8B8AO. 70 !>N7C 1C;> :@0I5 ,- <>6=0 ?>GCB8 =5>4=>@07>2>, 0;5 ?@89<0B8 70 ?>@V2=O==O BV G0A8 ?@>AB> =5?@8?CAB8<> V F5 B@510 @>7CA2V4 A?V;:C20==O 7 =>2>A?5G5=8< D5@<5@><, O:89 <0T 2;0A=C 75<;N, 4>1@89 ?@81CB>: V 7 >AB@0E>< 7304CT :>;8H=V G0A8 , 01> 7 :8W2AL:8< ?V4?@8T CA?VH=> 70:@V?82AO =0 @8=:C V 9>3> 4>E>48 ?>72>;ONBL ?>GC20B8 A515 T2@>?59F5< , G8 B> 2G8B5;5< <0;5=L:>3> ?@>2>48BLAO ;VB8:0 - V 70@?;0BC 2G0A=> ?;0BOBL, V T <>6;82VABL 4>1@5 2V4?>G8B8 ?V4 G0A 2VA?CAB:8 . %>G5BLAO 2V@8B8, I> B0:V >?B8W 2 45@602V ?5@5<>6CBL V <8 =0@5HBV 71C4CT<> B0:C ><@VO=C =0<8 T2@>?59AL:C 45@602C.VB5@0BC@0: 1. #:@0W=0 =0 @>74>@V66V/0 @54. :A5;O V45=15@30 B0 CBF0 %>DD<0=0 - . $5=V:A , 1998 2. #:@0W=0 =0 ?5@5EV4=>;VB8:0, 5:>=>2>W, . CB:528G0, . "@>H - .:& :045: 2 @K=>G=CN 5:>=><8:C/ >4 @54. %>DD<0=0 8 . 845=15@30 - .: $5=8:A , 1997 4. !. >@>3C=F>2, . >@AL:0 "@0=AD>@<0FVO AB@C:BC@8 5:>=>@VO V ?@0:B8:0 . ., :>=>EV= 8=0@<0FV9 5:>=>=>=>ABV @>728B:C BV=L>2>W 5:>=>=>20 50;VAB8G=VABL 1N465BC-98 . ., :>=>B0B:8 ?@> 1N465B #:@0W=8 =0 1999 @V: V ?@> 28:>=0==O 1N465BC C 1998 @>FV . ., :>=>20 !B0= 45@6. 1N465BC #:@0W=8 . ., :>=>A:>=0;5==O 10=:V2AL:>W A8AB5<8 2 #:@0W=V . ., $V=0=A8 #:@0W=8 !1, 199911. . C:V=>2 :B82V70FVO AB2>@N20;L=>W ?>;VB8:8 5:>=>@<. !?>;CG5==O @8=:>28E V 45@602=8E @53C;OB>@V2 . ., :>=>