Государственное казенное образовательное учреждение высшего образования
«Российская таможенная академия»
Л.Н. Великова
Развитие профессиональных коммуникативных умений на английском языке
Практикум
Москва
2021
УДК 811.111
ББК 81.2 Англ В27
Допущено учебно-методическим советом Российской таможенной академии
к использованию в образовательном процессе для обучающихся по направлению подготовки 38.03.01 «Экономика»
Эксперт:
П.Ю. Горляков, заведующий кафедрой иностранных языков СанктПетербургского им. В.Б. Бобкова филиала российской таможенной академии, канд. пед. наук
Великова Л.Н.
В27 Развитие профессиональных коммуникативных умений на английском языке: практикум / Л.Н. Великова. М.: РИО Российской таможенной академии, 2021. 124 с.
ISBN 978-5-9590-1187-1
Практикум содержит аутентичный текстовый материал по актуальным проблемам мировой экономики, а также авторские задания для совершенствования профессиональной иноязычной компетенции на основе интегративных умений коммуникации на английском языке.
Предназначен для студентов, обучающихся по направлению подготовки
38.03.01 «Экономика».
УДК 811.111
ББК 81.2 Англ
ISBN 978-5-9590-1187-1 |
© Российская таможенная академия, 2021 |
Предисловие
Практикум «Развитие профессиональных коммуникативных умений на английской языке» предназначен для использования во время аудиторных занятий и для организации самостоятельной работы студентов, обучающихся по направлению подготовки 38.03.01 «Экономика» (профиль подготовки – «Мировая экономика»), по дисциплине «Иностранный язык (первый)» в V–VIII семестрах.
Практикум содержит учебный материал для формирования общекультурной компетенции ОК-4, предусматривающей способность к коммуникации в устной и письменной формах на русском и иностранном языках для решения задач межличностного
имежкультурного взаимодействия, а также ОК-5 – способности работать в коллективе, толерантно воспринимая социальные, этнические, конфессиональные и культурные различия.
Обучение студентов профессиональной иноязычной коммуникации является важной задачей преподавателя иностранного языка, так как специалист в любой области не может поддерживать высокий уровень профессиональной осведомленности, не владея технологией извлечения информации из разных источников, в том числе иноязычных, с целью последующего ее использования в ситуациях профессионального общения.
Формирование профессиональной иноязычной компетенции невозможно без организации целенаправленного обучения различным видам чтения (изучающего, ознакомительного, просмотрового, поискового) с использованием специальных приемов
иупражнений. Более того, чтение профессионально ориентированных текстов можно рассматривать как основной вид речевой деятельности (ВРД) при обучении иностранному языку в отраслевом вузе, поскольку умение извлекать различную информацию из текста служит базой для развития других ВРД. Чтение также
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дает возможность прививать студентам навыки самостоятельной работы, развивать их когнитивные умения.
Относясь к рецептивным видам речевой деятельности, чтение является фундаментом для последующего развития продуктивных ВРД (говорения и письма) и формирования коммуникативной компетенции в целом.
В данном учебном издании используется интегративный подход, при котором профессионально значимый текстовый материал служит базой для освоения тематической лексики, грамматики, а также организации практики иноязычной речи (устной и письменной), предполагающей выполнение заданий на основе информации, извлеченной из аутентичных текстов экономической направленности.
Основная часть практикума состоит из пяти разделов, отражающих узловые темы рабочей программы изучаемой дисциплины.
Практикум также содержит ряд приложений: измерительный тестовый материал (Revision Tests 1–5) для контроля уровня усвоения студентамиучебногоматериалакаждого из пяти разделов практикума; рекомендации по чтению профессиональных текстов на английском языке (Reading professional texts in English); рекомендации по извлечению основной информации из текста (Tips for skimming (summing up) a text); рекомендации по написанию эссе на профессиональные темы (Tips for writing an essay on professional issues); тематический словарь, содержащий ключевую лексику (Essential Vocabulary) для обогащения словарного запаса студентов с целью последующего использования в устной и письменной речи в ситуациях профессиональной коммуникации.
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Unit 1
Global economy
Aims and objectives of Unit 1:
•• to learn the main tendencies and structure of the world economy, of EU economies, in particular, and the economic classification of different countries;
•• to develop the skills of reading and comprehending texts about the issues related to global economy;
•• to train the students to infer the meaning of unfamiliar words through contextual clues;
•• to enrich the students’ professional vocabulary related to the topicsofUnit1andstrengthentheirabilitytouseitinprofessional discourse;
•• to develop the learners’ skills and habits of translating and rendering texts by summing up information;
•• to improve the students’speaking and writing competences within the framework of Unit 1.
Task 1. Read Text 1 “Changing structure of the global economy” for detailed understanding.
Text 1
Changing structure of the global economy
Since the end of World War II, the global economy has steadily increased its trade and financial openness, enabled in part by the International Monetary Fund (IMF), the World Bank, and the General Agreement on Tariffs and Trade (GATT), now the World Trade Organization (WTO). In parallel, colonialism, with its inherent
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constraints on economic development and its built-in asymmetries, collapsed.
Althoughtwohundredyearsbehindtheadvancedcountries,whose growth accelerations began in the late eighteenth century with the British industrial revolution, developing countries across the globe began a century-long process of modernization. We are slightly more than halfway through that century.
As formal barriers to trade and capital flows declined, a number of other trends combined to accelerate the growth and structural changes in the developing economies. They included advances in transportation and communications technology, management innovation in multinational companies, a process of learning about doing business in multiple and diverse environments, and the integration of multinational supply chains.
Large emerging economies, with varying starting points (and many false starts), have accelerated to sustained growth rates, often exceeding 7 percent a year. After several decades of high-speed growth, these economies have become larger and richer.
An essential ingredient in that growth is structural change. With increases in size, the shifting structures of emerging markets have larger impacts on the structures in advanced countries. A growing emerging economy shifts to higher value-added components of international supply chains as physical, human, and institutional capital deepen and emerging economies begin to compete directly with rich ones.
In the early part of the postwar period, developing countries – whose exports consisted mainly of natural resources and agricultural products – expanded into labor-intensive and lower value-added manufactured goods. But it was not just finished products that were addedtoemergingeconomyportfolios.Labor-intensiveandrelatively low value-added parts of global supply chains moved to emerging economies as multinational companies progressively learned how to integrate geographically dispersed operations efficiently. In consumer
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electronics, the labor-intensive assembly process is a natural fit for lower-income countries.
Semiconductors,circuitboards,andothercomponentsaredesigned and manufactured elsewhere, namely in high-middle-income or high incomecountriessuchasSouthKoreaandJapan.Branding,marketing, and research tend to be done in rich countries. Each component of the supply chain has its most cost-efficient location.
The shape of global supply chains is constantly shifting. Countries enter and engage with the global economy at different times and expand at different rates. The early high-growth economies – Japan, SouthKorea,andTaiwan–initiallyexportedlabor-intensiveproducts, thengraduatedtomorecapital-intensiveproductssuchasautomobiles and motorcycles, and then to human capital-intensive activities such as design and technology development.
The labor-intensive activities, which these early high-growth markets exited as their costs of labor rose, moved to later arrivals in the global economy, predominantly Asian economies such as China and Vietnam. The shifting global structure is not static or cyclic. It is best described as a journey that will only be taken once. Late arrivals to industrialization tend to follow the same path as earlier ones.
After thirty years of very high growth, the structure of China’seconomyisshiftingasJapan’sandSouthKorea’sdidbeforeit. China is now entering what is called “the middle-income transition.” This phase of development is sometimes called “a trap.” It is one of the more complex and risky transitions that occur in developing countries on the long, multi-decade journey from low-income to advanced country levels. The evidence we have from the postwar history suggests that the majority of countries entering the middleincome transition have slowed significantly or even stalled.
Of the sustained high-growth cases in the postwar period (thirteen, soon to be fifteen, with the addition of India and Vietnam), only five have maintained high growth rates through the middle-income transition and proceeded toward advanced country income levels of $20,000 per capita or above. Those high-speed
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transitions occurred in Japan, South Korea, Taiwan, Hong Kong, and Singapore.
(From: http://newinspire.ru/ lectures-on-the-global-economy/ the-structure-of-the-international-economy-1909)
Task 2. Make up a list of new words from Text 1. Try to deduce their meanings from the context.
Task 3. Answer the questions based on Text 1.
1.What factors have determined a steady increase of the global economy?
2.Did the British industrial revolution affect the process of modernization of the global economic system?
3.What trends accelerated the growth and structural changes in the developing economies?
4.How much have the large emerging economies accelerated to sustained growth rates?
5.Dotheshiftingstructuresofemergingmarketshavelargerimpacts on the structures in advanced countries?
6.Howdidtheexportsofdevelopingcountrieschangeinthepostwar period?
7.Didmultinationalcompanieslearnhowtointegrategeographically dispersed operations efficiently?
8.Global supply chains are constantly shifting, aren’t they?
9.How can the changing global structure be best described?
10.What is the so-called “middle-income transition?”
11.Where did high-speed economic transitions occur?
Task 4. Speak on the topics:
−− The complexity of the structure of the world economy;
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−− Sustained growth rates of large emerging economies; −− The changing global supply chain;
−− Asian economic powers of today.
Task 5. Study the statements about the benefits of trade. Express youropinion:sayifyouagree/disagreewiththestatements. Prove your viewpoints.
1.More trade means more economic growth.
2.Trade brings more jobs and higher salaries.
3.Tradeleadstoimprovedlivingstandardsandhelpsreducepoverty.
4.Increased trade offers a greater variety of goods to consumers at lower prices.
5.Trade allows countries to procure the best products and services for their citizens internationally.
6.Trade makes it easier to exchange on innovative and high-tech products.
7.Trade brings people together.
8.Trade develops and secures economic ties between nations and contributes to political stability.
9.Tradeandinvestmentboostscompetitionaswellascompetitiveness.
10.Countries with open economies tend to grow faster than those that trade less.
11.Trade agreements can make it easier to do business.
12.Encouraging standards for industrial products reduces the costs of doing business and promotes international trade.
13.Trade allows governments to spend less public money on products and services they purchase.
14.Trade can help us overcome economic crises.
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Task 6. Read Text 2 and prepare a brief written/oral account of the role of TNCs in the global economy.
Text 2
The role and importance of international corporations
Internationalcorporationshavebecomekeyactorsintoday’sglobal economy, playing a role that is difficult to overestimate in the system of international economic relations.
For leading industrial countries, it is a foreign operation TNC that determines the nature of their international relations. So, up to 40% of the value of the property of 100 TNCs (including a financial one) is outside their home country.
Actively participating in international production processes on the basis of the traditional international division of labor, TNCs have established their own in-house international production, with the connection of several developing new markets for their specialization.
The organization of international in-house production gives TNCs anumberofadvantages:(1)thebenefitsofinternationalspecialization of production by individual countries; (2) most of the tax, investment and other benefits provided by countries for foreign investors;
(3) maneuver capacity utilization by adapting their production programs,inaccordancewiththesituationontheworldmarket;(4)the use of its subsidiaries as a base for the conquest of emerging markets;
(5) organization of their own international production enables TNCs extend the product life cycle, adjusting the production of the product as its obsolescence in overseas branches, and then selling the license for its production to other companies.
The basis of world domination – TNC – presupposes the export of capital and its effective deployment. The total foreign investment of all TNCs is now playing a more significant role than trade. TNCs control one third of the productive capital of the private sector around the world, up to 90% of direct investment abroad.
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With large capital, TNCs are active in the international financial markets. The total foreign exchange reserves of TNCs are several times larger than the reserves of all the central banks of the world combined. TNCs often consider exchange operations as the most profitable source of their profits.
According to the American magazine “Fortune”, the leading role among the top 500 TNCs belongs to electronics, petroleum refining, chemicals and the automotive industry. Their sales are up about 80% of the total activity of transnational corporations.
Transnational corporations have increasingly become the determiningfactorindecidingthefateofacountryintheinternational system of economic relations. The active production, investment, and trading activity of TNCs allows them to perform the function of the international control of production and distribution of products, and even, according to UN experts, to promote economic integration in the world.
TNCs intrude into areas that have traditionally been viewed as the public interest. In fact, the activities of TNCs lead to integration and internationalization only within those limits and boundaries that are defined as maximum profit. While noting the positive aspects of the functioning of TNCs in the world economy and international economic relations, their negative impact on the economies of the countries in which they operate should also be mentioned, namely:
−−a violation of state laws; by manipulating the transfer price policy, subsidiaries and multinationals operating in different countries, cleverly circumvent national legislation to cover revenue from taxation by transferring them from one country to another;
−−the establishmentof monopoly pricesand conditionsprejudicial to the interests of host countries;
−−luring highly qualified leading multinationals from around the world.
Ingeneral,TNCisacomplexandconstantlyevolvingphenomenon in the system of economic links, requiring constant attention and international control. Large Russian corporations – financial and
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industrial groups – are beginning to emerge and develop. They see their prospects in the active expansion in foreign markets.
(From: http://newinspire.ru/ lectures-on-the-global-economy/ the-role-and-importance-of-international-corporations-1933)
Task 7. Read Text 3 and render it in English.
Text 3
Основные тенденции развития мирового хозяйства
В своем становлении и развитии мировое хозяйство (MX) прошло долгий и сложный путь. Некоторые исследователи его возникновение относят еще ко времени Римской империи, являющейся системой всемирного хозяйства того времени. Другие ученые отсчет функционирования мирового хозяйства ведут со времени великих географических открытий XV–XVI веков.
Современное мировое хозяйство возникло после промышленногопереворота,входеперерастаниякапитализмавегомонополистическуюстадию.МировоехозяйствоначалаXXвекавосновном базировалось на военной силе, внеэкономическом принуждении, а не на «силе капитала». К середине XX века оно было расколото на две части: капиталистическое и социалистическое.
С60-х годов в систему MX вошли развивающиеся страны.
Ксередине70-хгодовсрединихзаметновыделяютсятакназывае- мые «новые индустриальные страны» Юго-Восточной Азии (первая волна – четыре «малых дракона» – Южная Корея, Тайвань, Гонконг, Сингапур) и страны Латинской Америки: Бразилия, Аргентина, Мексика. После распада СССР и революционных преобразований в странах Восточной Европы мировое хозяйство начинает приобретать черты единого, целостного образования.
Кконцу90-хгодоввмировойэкономикепроявилсярядустой- чивых тенденций: стабильные темпы экономического роста; по-
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вышение внешнеэкономического фактора в хозяйственном развитии; рост масштабов и качественное изменение характера традиционной международной торговли овеществленными товарами, а также услугами; появление «электронной торговли»; глобализация финансовых рынков и усиление взаимозависимости национальных экономик; рост удельного веса сферы услуг в национальной экономике и международном обмене; развитие региональных интеграционных процессов.
Формирующееся глобальное мировое хозяйство включает в себя национальные экономики промышленно развитых стран, развивающихся стран и стран с экономической системой переходного типа. MX на рубеже XXI века является несравненно более целостным, интегрированным, динамичным, чем в середине XX века; оно является глобальным по своим масштабам и основывается всецело на принципах рыночной экономики, объективных закономерностях международного разделения труда, интернационализации производства и капитала.
Несмотря на наличие государственных границ, происходит интернационализация, глобализация хозяйственной жизни, объединяющая отдельные страны в глобальный мировой комплекс, как результат международной кооперации производства, развития международного разделения труда, как развитие общественного характера производства в международном масштабе.
Генеральной тенденцией развития мирового хозяйства является движение к созданию единого планетарного рынка капиталов,товаровиуслуг,экономическомусближениюиобъединению отдельных стран в единый мировой хозяйственный комплекс. Это позволяет говорить о необходимости изучения проблем глобальной экономики как системы, комплекса международных экономических отношений на ином, более высоком уровне.
(From: http://newinspire.ru/ lektsii-po-mirovoy-ekonomike/ osnovnie-tendentsii-razvitiya-mirovogo-chozyaystva-112)
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Task 8. Translate Text 4 into English. Suggest a title to the text.
Text 4
Явление глобализации можно рассматривать с двух сторон. На макроэкономическом уровне глобализация означает общее стремление стран и отдельных регионов к экономической активности вне своих границ, включая либерализацию, снятие торговых и инвестиционных барьеров, создание зон свободного предпринимательства и др. На микроэкономическом уровне под глобализацией понимается расширение деятельности предприятия за пределы внутреннего рынка.
Глобализация осуществляется, прежде всего, через регионализацию, когда внешнеэкономические связи страны ориентируются на свои и соседние страны. На базе регионализации идет международная экономическая интеграция, т.е. срастание экономик соседних стран в единый региональный хозяйственный комплекс на основе глубоких и устойчивых экономических связей между их компаниями. Экономика большинства стран мира превращается во все более открытую, характеризующуюся большими темпами роста по сравнению с закрытой экономикой.
Глобализация характеризует растущую взаимосвязь и взаимозависимость отдельных национальных экономических систем. В XX веке интернационализация обмена перерастает в интернационализацию капитала и производства, происходит резкий рост международной специализации и кооперирования производства. Крупномасштабное специализированное производство выходит за пределы национальных границ. Интернациональный характер приобретает движение рабочей силы, подготовка кадров, обмен специалистами. Особый размах характеризует процесс интеграции и глобализации финансовых рынков. Активно проявляется тенденция к унификации и стандартизации; все шире применяются единые для всех стран стандарты на технологию, экологию, деятельность финансовых организа-
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ций, бухгалтерскую и статистическую отчетность, образование и культуру. Международные экономические организации внедряют единые критерии макроэкономической политики, происходит унификация требований к налоговой политике, к политике в области занятости и др.
Глобализация укрепляет позиции, в первую очередь, индустриально развитых стран, дает им дополнительные преимущества. К числу отрицательных последствий процесса глобализации относятся демографические, экологические и региональные проблемы.
В системе управления мировым сообществом и мировой экономикой утрачивается прежняя роль ООН. Управление мировой экономикой начинает концентрироваться в новой триаде: Всемирной торговой организации – Международном валютном фонде – Всемирном банке. И это не окончание процесса, а лишь его начало.
(From: https://studopedia.ru/ 3_44158_teoreticheskie-osnovi-globalizatsii- mirovoy-ekonomiki.html)
Task 9. Read Text 5 and get ready to discuss the main features of EU economy and trade. Retell the text.
Text 5
The economy of the European Union
Operating as a single market, the EU is a major world trading power. EU economic policy focuses on creating jobs and boosting growth by making smarter use of financial resources, removing obstacles to investment and providing visibility and technical assistance to investment projects. In terms of the total value of all goodsandservicesproduced(GDP),itisbiggerthantheUSeconomy.
The EU is in prime position when it comes to global trade. The openness of its trade regime has meant that the EU is the biggest
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player on the global trading scene and remains a good region to do business with. The EU has achieved a strong position by acting together with one voice on the global stage, rather than with separate trade strategies.
Europe has become deeply integrated into global markets. Thanks to the ease of modern transport and communications, it is now easier toproduce,buyandsellgoodsaroundtheworldwhichgivesEuropean companiesofeverysizethepotentialtotradeoutsideEurope.Workers often deliver their services across different countries or by specific service contracts.
Asinvestorsthriveinastable,soundandpredictableenvironment, they are looking for investment barriers to be dismantled and investments to be protected.
Every day, Europe exports hundreds of millions of euro worth of goods and imports hundreds of millions more. Europe is the world’s largest exporter of manufactured goods and services, and is itself the biggest export market for around 80 countries. Together, the European Union’s members account for 16% of world imports and exports.
The EU’s success is inextricably bound up with the success of its trading partners, both in the developed and developing world. For this reason, sustainable development is central to trade policy.
(From: https://europa.eu/european-union/about-eu/figures/economy_en)
Task 10. Read Text 6. Consider some facts and figures on the EU position in the global market. Speak on the topic “EU’s economy and trade.”
Text 6
Facts and figures on the EU position in global markets
The EU is the largest economy in the world. Although growth is projectedtobeslow,theEUremainsthelargesteconomyintheworld:
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−−The EU is the world’s largest trading block. The EU is the world’s largest trader of manufactured goods and services.
−−The EU ranks first in both inbound and outbound international investments.
−−TheEUisthetoptradingpartnerfor80countries.Bycomparison, the US is the top trading partner for a little over 20 countries.
−−The EU is the most open to developing countries. Fuels excluded, the EU imports more from developing countries than the USA, Canada, Japan and China put together.
The EU benefits from being one of the most open economies in the world and remains committed to free trade. The average applied tariff for goods imported into the EU is very low. More than 70% of imports enter the EU at zero or reduced tariffs.
The EU’s services markets are highly open and EU member countrieshavearguablythemostopeninvestmentregimeintheworld.
The EU has not reacted to the crisis by closing markets. However, some EU’s trading partners have not been as restrained as the EU has highlighted in the Trade and Investment Barriers Report.
Infact,theEUhasretaineditscapacitytoconcludeandimplement trade agreements. The recent Free Trade Agreements with South Korea and with Singapore are examples of this and the EU has an ambitious agenda of trade agreements in the pipeline.
(From: https://ec.europa.eu/trade/policy/eu-position-in-world-trade/)
Task 11. Read Text 7 and explain what sustainable development is and how it is related to EU trade policy.
Text 7
EU trade policy and sustainable development
EU law requires all relevant EU policies, including trade policy, to promote sustainable development. Sustainable development means meetingtheneedsofthepresentwhilstensuringfuturegenerationscan
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meet their own needs. It has three pillars: economic, environmental andsocial.Toachievesustainabledevelopment,policiesinthesethree areas have to work together and support each other.
World leaders agreed on Agenda 2030, a set of 17 Sustainable Development Goals and 169 targets proposed by the United Nations in 2015. The EU and its member countries are fully committed to implementing the 2030 Agenda and its Sustainable Development Goals into EU policies.
So, EU trade policy aims to ensure that economic development goes hand in hand with social justice, respect for human rights, high labour and environmental standards.
The EU works to ensure trade policy and promote sustainable development through EU trade agreements, special incentives for developing countries, trade and development policy. The EU promotes sustainable development by addressing specific issues in EU trade policy. Modern EU trade agreements contain rules on trade and sustainable development: follow international labour and environment standards and agreements; encourage trade that supports tackling climate change; effectively enforce their environmental and labour laws to encourage trade and investment; sustainably trade natural resources, such as timber and fish; combat illegal trade in threatened and endangered species of fauna and flora; promote practices such as corporate social responsibility; promote sustainable public procurement and remove barriers to trade and investment in renewable energy.
(From: https://ec.europa.eu/trade/policy/ policy-making/sustainable-development/)
Task 12. Fill in the gaps to define the functions of the major EU governance bodies. Choose the options from the box.
Court of Justice, European Parliament, Council of the European Union, European Council, European Commission
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1.… provides the political leadership for the EU. It meets four times per year, and each member has a representative, usually the head of its government. Collectively, it functions as the EU’s “Head of State.”
2.… provides the day-to-day leadership and initiates legislation. It is the EU’s executive body.
3.… forms one-half of the EU’s legislative body. It consists of 751 members, who are elected by popular vote in their respective countries. The term for each member is five years. Its purpose is to debate and amend EU legislation.
4.… functions as the other half of the EU’s legislative body. It consists of a government minister from each member country and its representatives may change depending on the topic being discussed.
5.… makes up the judicial branch of the EU. Consisting of three different courts, it reviews, interprets, and applies the treaties and laws of the EU.
Task 13. Browsetheinternettofindrelevantinformationandprepare
a report on one of the biggest European economies:
−− Germany;
−− France;
−− The UK;
−− Spain;
−− Italy.
Task 14. ReadText8abouttheUSeconomy.Retellthetextaccording
to the suggested outline:
1.Type of US economy.
2.US GDP and PPP indices.
3.U.S. natural resources.
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4.Its manufacturing industries.
5.U.S. technological advances.
6.The level of household and employee income in the USA.
7.U.S. labor and consumer markets.
8.U.S. national currency.
9.U.S. largest trading partners.
10.Recession in U.S. economy caused by the COVID-19 pandemic.
Text 8
Economy of the United States
The economy of the United States is highly developed and mixed. It is the world’s largest economy by nominal GDPand net wealth and the second-largest by purchasing power parity (PPP).
The nation’s economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. It has the seventh-highest total-estimated value of natural resources. It is the world’s largest producer of petroleum and natural gas.
The United States is the world’s second-largest manufacturer. The U.S. produces approximately 18% of the world’s manufacturing output, a share that has declined as other nations developed competitive manufacturing industries. US manufacturing output is greater than that of Germany, France, India, and Brazil combined. Its main industries include petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining. The U.S.A. leads the world in airplane manufacturing, which represents a large portion of U.S. industrial output.
The U.S. has the most technologically powerful economy in the world and its firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals as well as medical, aerospace, and military equipment.
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Americans have the highest average household and employee incomeamongOECDmemberstates.TheU.S.notonlyhasthelargest internal market for goods, but also dominates the trade in services.
The nation’s labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world.
The U.S. dollar is the currency most used in international transactions and is the world’s foremost reserve currency. Several countries use it as their official currency.
The largest U.S. trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, and Taiwan. The U.S. is the world’s largest importer and the secondlargest exporter. It has free trade agreements with several nations, including NAFTAparticipants,Australia, South Korea, and Israel.
In 2020, the U.S. economy began to experience widespread collapse due to the COVID-19 pandemic. This emerging coronavirus recession has been widely described as the most severe global economic downturn since the Great Depression, and “far worse” than the Great Recession.
(From: https://www.wikiwand.com/en/ Economy_of_the_United_States)
Task 15. Write an essay (up to 250 words): “How will the global economy change in 20 years?”
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