Английский язык. Практический курс для решения бизнес-задач
Шрифт:
18. policymaker n – лицо, разрабатывающее или претворяющее в жизнь политику
19. saving n – зд. сбережение
save v – зд. сберегать
20. fiscal policy – финансовая политика (бюджетная и налоговая)
21. monetary policy – денежно-кредитная и в некоторых случаях валютная политика
22. fundamental n –
fundamental a – фундаментальный
23. current account – текущий платежный баланс, текущий счет
24. propensity n – склонность
Exercise 1. Answer the following questions.
1. What are the emerging markets? 2. What were the main trends in their development over the last two decades? 3. Why are the emerging market equities attractive for investors? 4. What emerging economies have the potential for strong growth? 5. What are the prospects of the emerging markets volatility? 6. What long-term economic and political developments may be laying the foundation for sustainable performance from the emerging markets? 7. Why could free markets stimulate the development of the emerging economies? 8. What are the long-term fundamental positive factors in the emerging markets’ development?
Exercise 2*. Find terms in the text that match definitions given below and make sentences with each term.
1. a period of time during which stock market prices are rising
2. that part of the balance of payments recording current, i.e. non-capital, transactions
3. failure to make payments or repayments of interest or principal on the due date
4. security markets in newly industrialized countries with capital markets at an early stage of development
5. the process of opening and integrating markets across national borders
6. the private-sector lending arm of the World Bank
7. the policy of a government or central bank in monetary affairs, having regard to broad goals such as economic growth and restraint of inflation
8. a situation where problems in any one financial institution or market may spread, widely endangering the whole system
9. the primary financer of development projects in emerging-market nations that was created with the IMF at the Bretton Woods conference in 1944
Exercise 3*. Name all risks associated with doing business in Russia as an emerging country and describe what they entail.
Exercise 4*. Fill in the blanks using terms given below.
Dreaming with the BRICs
Over the next 50 years, Brazil, Russia, India and China – the BRICs – could become a much larger force in the world…… If things go right, in less than 40 years, the BRIC economies together could be larger than the G6 in……. By 2025 they could…….. over half the size of the G6. Currently, they are…….. less than 15%.
About two-thirds of the increase in US dollar……. from the BRICs should come from higher real growth, with the balance through currency…….. The BRICs’ real……… could appreciate by up to 300% over the next 50 years (an…… of 2.5% a year).
The……. in GDP relative to the G6 takes place steadily over the period, but is most dramatic in the first 30 years. Growth for the BRICs is likely to slow significantly toward the end of the period, with only India seeing…….. significantly above 3% by 2050. And…….. in the BRIC are still likely to be poorer on average than in the G6 economies, with the exception of Russia. China’s…….. income could be roughly what the developed economies are now (about US $30,000).
As early as 2009, the annual increase in US dollar…….. from the BRICs could be greater than that from the G6 and more than twice as much in dollar terms as it is now.
The key…… underlying our……… is that the BRICs maintain policies and develop institutions that are supportive of growth. Each of the BRICs faces significant……….. in keeping development on track. This means that there is a good chance that our………. are not met, either through bad policy or bad luck. But if the BRICs come anywhere close to meeting the predictions set out here, the…….. for the………. of growth and economic……… could be large.
The relative importance of the BRICs as an…….. of new……… growth and spending power may shift more dramatically and quickly than expected. Higher growth in these economies could……… the impact of……… populations and slower growth in the……… economies.
Higher growth may lead to higher……… and increased demand for capital. The………. of the BRICs in investment………. could rise sharply. Capital…….. might move further in their favor, prompting major………. realignments.
Rising……… may also see these economies move through the
As today’s advanced economies become a shrinking part of the world economy, the accompanying shifts in spending could provide significant……… for……… companies. Being invested in and involved in the right markets – particularly the right emerging markets – may become an increasingly important………. choice.
The…….. of the world’s ten largest economies may look quite different in 2050. The largest economics in the world (by GDP) may no longer be the………. (by income per capita), making strategic choices for firms more complex.
Source: Goldman Sachs Research Report, 2003 (summary), www.gs.com.
Terms:
GDP, implications, per capita, list, richest, worth, global, economy, portfolios, commodities, assumption, pricing, currency, US dollar terms, activity, flows, account for, ageing, appreciation, exchange rates, opportunities, average, shift, growth rates, individuals, spending, projections, challenges, forecasts, pattern, engine, demand, offset, advanced, weight, incomes, strategic, returns