Lesson to Be Learned

Perhaps more interesting, however, is to take a look at exactly what type of market has emerged from the peaks and troughs (ups and downs) of the last six years. One thing that most experts appear to be agreed upon is that the construction industry is now considerably more professional. Undoubtedly, this has been in part engendered by a strengthening in competition. "Probably the most notable feature of the last 12-18 months is that Russian companies have successfully learned many of the practices that gave western companies a competitive edge a few years ago. Although this edge is still in evidence at the very top end of the market, the professionalization of local companies is and will be of increasing importance over the next few years," said Giello.

Комментарии profit margins= net profits;

to slump = to fall drop;

negligible = non-existent;

flagship = prominent, major (флагман);

to entertain = to consider;

flip side = the other side;

curtail development finance = cut financing of projects;

to trip over oneself = to try very hard (go out of one's way);

to reign in = to keep to oneself (попридержать);

fall-out = consequences (cp. knock-on effects);

to dry up = to discontinue, stop;

contractors – подрядчики;

to pull out = to leave;

touch and go = very risky;

with a vengeance = triumphantly; ср. «взять реванш»;

malaise = disease;

to exacerbate = to worsen;

to engender = зд. to cause;

competitive edge = advantage over competitors.

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