VOA标准英语2009年-Australia Becomes First Developed Economy

By Kate Pound Dawson
Bangkok
06 October 2009

 
Australian $100 note, 06 Oct 2009
The Reserve Bank of Australia has raised its official interest rate by a quarter of a percentage point. The move makes Australia the first developed economy to raise rates since the global financial crisis began. But, other central banks are not likely to follow suit just yet.
 
The governors of the Reserve Bank of Australia raised its benchmark interest rate to 3.25 percent, Tuesday, up from three percent. They say, with Australia's economic growth on track and the risk of a serious contraction¹ past, it is time to gradually raise rates from their lowest level in 49 years.

The central bank began cutting rates in September 2008, when they stood at 7.25 percent. At the time, the world was rapidly sinking into a crisis, with banks cutting off lending and several international financial institutions on the verge² of collapse³.

Governments and central banks around the globe stepped in to rescue banks, cut interest rates and create spending packages to stimulate⁴ their economies. Most developed and many developing economies slumped⁵ into recession.

Adrian Mowat is an Asia market strategist for the investment bank JP Morgan Chase in Hong Kong. He says the situation has changed.

"Globally we have interest rates that were set during a period of a crisis and economies are recovering, particularly in Asia and emerging markets, and it isn't necessary to have interest rates as low as they are ... The patient no longer needs extreme medicine and that's a good sign," said Mowat.

Australia's economy weakened, but did not fall into recession in the past year, because of strong demand from China and other countries for its commodities, such as iron and coal.

Although the global economy is slowly improving, economists⁶ and market analysts⁷ do not expect interest rates to start rising around the world. For instance, Chinese officials have indicated they will be slow to raise rates, as have other Asian governments.

Mowat says it will be next year before most countries start raising rates, and later for the largest developed economies.

"Our forecast is that the interest rates in the U.S. will be unchanged throughout 2010, same in the euro area, same in Japan," he said.

The United States, Japan and much of Europe all have interest rates near or below one percent.

Usually, central banks raise interest rates to cool overheated economies and head off the risk of price inflation. But Mowat says the RBA's move was not prompted by inflation concerns. It was simply the first step toward returning to more historically normal rates.

 

1 contraction   

n.缩略词，缩写式，害病

参考例句：

• The contraction of this muscle raises the lower arm.肌肉的收缩使前臂抬起。
• The forces of expansion are balanced by forces of contraction.扩张力和收缩力相互平衡。

2 verge   

n.边，边缘；v.接近，濒临

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• She was on the verge of bursting into tears.她快要哭出来了。

3 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

4 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。

5 slumped   

大幅度下降，暴跌( slump的过去式和过去分词 )； 沉重或突然地落下[倒下]

参考例句：

• Sales have slumped this year. 今年销售量锐减。
• The driver was slumped exhausted over the wheel. 司机伏在方向盘上，疲惫得睡着了。

6 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》

7 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。