VOA标准英语2012--World Bank Urges Developing Countries to Brace for Long Term Volatility

（单词翻译）

World Bank Urges Developing Countries to Brace¹ for Long Term Volatility²

Emerging market economies may have weathered the 2008 financial crisis better than more advanced countries, but the World Bank warns -- it could happen again.

Senior bank economist³ Andrew Burns says anything is possible right now in Europe.

"Although we don't see it as a baseline scenario⁴, it certainly is possible that the situation in high-income Europe deteriorates⁵ significantly. And if it did, that would have very serious impacts for developing countries," Burns said.

With borrowing costs still rising in Spain and Italy, and an upcoming Greek referendum that could forever alter the Eurozone -- Burns predicts a bumpy⁶ ride.

But even with the most recent bailout in Spain - economist Peter Morici says the problems facing Greece and Spain are very different.

"Spain's problem is one of a banking⁷ crisis. Greece's problem is one of a government crisis," Morici said.

Either way, Morici says the crisis has the potential to plunge⁸ the world into another recession, reducing global trade and exports dramatically.

The World Bank says developing nations need to focus on enhancing domestic productivity and boosting infrastructure⁹ development -- while reducing debt.

"What we suggest is that countries take the time now to try and replenish¹⁰ some of those cushions, some of those buffers¹¹ they used in 2008 - 2009 so successfully to recover from that crisis. Try and rebuild those now by bringing policy to a more neutral stance, reducing fiscal¹² deficits¹³ so that they have the ammunition¹⁴ to respond if a crisis, a second crisis, announces itself," Burns said.

Despite an over-abundance of caution, Burns is optimistic about a full-fledged global recovery - one led by emerging economies in Central Asia, the Middle East and Sub-Saharan Africa.