Asia Faces Test as European Economies Strain Under Debt

 　　Asia’s strong economic credentials¹ are set to be tested in the face of slowing European economies and concerns about the outlook for the U.S. economy.

　　In a gold trading house in Bangkok’s Chinatown crowds pack the store.  Although the commodity is traditionally favored as a safe investment, recent prices have been volatile² on global markets amid the uncertainties³ for the Eurozone.

　　People speculated on short-term movements in the precious metal.

　　On Asian markets, gold ended at $1,593 an ounce, off a four-month low of $1,579 earlier.

　　Jitti Tangsithpakdi, president of the gold traders association of Thailand, says if the European economy is weak along with the United States - despite further easing in American monetary⁴ policy - gold is set to fall further.

　　In its latest survey, the United Nations Economic and Social Commission for Asia Pacific (UNESCAP) warns that the most immediate⁵ concern for Asia is the uncertain outlook for the eurozone, which could hit Asian exports.

　　The report says a disorderly default of sovereign debt in Europe or a break up of the euro common currency could mean nearly $400 million in trade losses in Asia.

　　Aynul Hasan, a senior UNESCAP economist⁶, says that faced with the uncertainties in Europe, the Asia Pacific economies need to shift from export-led growth to domestic consumption.

　　“A default - that’s going to have implication in the financial market and there’s implications for financial markets and there will be a credit crunch," said Aynul. "[But] I think this region is prepared because China has already started to re-balance. They’re moving from investment-led towards the consumption [-led growth]. India is also but India is not so much dependent on the outside world.”

　　UNESCAP Asia Pacific’s developing economies slightly lowering their growth to 6.5 percent from seven percent last year. China’s rate is forecast to ease to 8.6 percent in 2012, from more than nine percent in 2011. India’s growth will drop to 6.9 percent from 7.5 percent last year.

　　U.N. economists⁷ say factors affecting China and India’s economies include lingering inflation and the uncertain global situation for China’s important export sector⁸.

　　Asia Pacific economies are also likely to face protectionist trade measures as developed economies aim to stem higher rates of unemployment. However, the U.N. says the Asia Pacific region will remain the anchor of global economic stability despite the economic uncertainties.

1 credentials   

n.证明，资格，证明书，证件

参考例句：

• He has long credentials of diplomatic service.他的外交工作资历很深。
• Both candidates for the job have excellent credentials.此项工作的两个求职者都非常符合资格。

2 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

3 uncertainties   

无把握( uncertainty的名词复数 )； 不确定； 变化不定； 无把握、不确定的事物

参考例句：

• One of the uncertainties of military duty is that you never know when you might suddenly get posted away. 任军职不稳定的因素之一是你永远不知道什么时候会突然被派往它处。
• Uncertainties affecting peace and development are on the rise. 影响和平与发展的不确定因素在增加。 来自汉英非文学 - 十六大报告

4 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

5 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

6 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

7 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

8 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。