VOA慢速英语 2008 0104a

This is the VOA Special English Economics Report.

World economic growth remained strong in two thousand seven. The International Monetary¹ Fund estimated growth at five and two-tenths percent.

But predictions for two thousand eight call for slower growth in the world economy. In October the I.M.F. cut its estimate for global growth this year by almost half a percentage point, to four and eight-tenths percent.

 
A house on the market in Denver, Colorado
There are worries of an economic slowdown or possibly a recession in the United States. The most important issue for two thousand eight may be the American housing market.

The market has been hit by a combination of falling home prices and the subprime mortgage crisis involving high-interest loans. Losses on investments tied to these risky² home loans have affected³ not only American banks but banks around the world.

Worries over the credit situation have caused banks to limit their lending, even to each other. Central banks have tried to ease credit fears by lowering interest rates or lending billions of dollars, or both.

Another major issue for two thousand eight is what effect energy prices will have on economic growth. The price of a barrel of oil doubled in two thousand seven. And on the second day of two thousand eight, the price hit one hundred dollars for the first time.

Rising oil prices in recent years have been good for oil producing countries, though, including those with sovereign wealth funds. These are state-owned investment funds also held by China, Singapore and some other countries.

The growing activity of these government-controlled investment funds makes them something else to watch in two thousand eight. Lately they have been used in some cases to invest in Western companies hurt by the subprime mortgage crisis.

Abu Dhabi, in the United Arab Emirates, has what experts believe is the world's biggest sovereign wealth fund. Some estimates put the value at nine hundred billion dollars. But last month came news of plans by Saudi Arabia for what could be an even wealthier fund.

The dollar continued its drop against most major currencies in two thousand seven. This has made American exports less costly⁴. Still, the United States is expected to report a trade deficit⁵ with China of almost three hundred billion dollars last year. Some experts say the deficit will continue to be a problem so long as China does not let its currency rise more quickly against the dollar.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Bob Doughty⁶.

 

1 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。

2 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

3 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

4 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

5 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

6 doughty   

adj.勇猛的，坚强的

参考例句：

• Most of successful men have the characteristics of contumacy and doughty.绝大多数成功人士都有共同的特质：脾气倔强，性格刚强。
• The doughty old man battled his illness with fierce determination.坚强的老人用巨大毅力与疾病作斗争。