Useful terms and expressions

• to be idle — быть безработным, быть незанятым

• OECD — ОЭСР (Организация Экономического Сотрудничества и Развития)

• to tackle a problem — взяться за решение проблемы

• to reignite — возобновлять

• to deregulate - сократить объем вмешательства государства

• to tend to — как правило, обычно; иметь обыкновение

• labour-hungry bits of the economy — отрасли экономики, нуждающиеся в большом количестве рабочей силы

Consolidation

Exercise № 7.

Translate the following sentences from English into Russian.

1. The Bank Credit Analyst, a Canadian research firm, estimates that America accounted for only 20% of global growth in 1995-2002, while China's share was 25%.

2. The recession accounts for the slow retail business.

3. They had to account for all the money that had gone missing.

4. Exports of goods and services in the fourth quarter fell at an annual rate of 12% in real terms, while imports fell by only 3%.

5. The UK economy contracted by less than thought in the second quarter, shrinking by 0.4%, the Office for National Statistics says.

6. The number claims for unemployment benefits fell last week, hitting its lowest level since July.

7. In which countries do men and women earn a similar amount—and what does that mean for those economies?

8. In recent years, China's status — like its economy — has continued to rise as the economies in America and Europe have struggled.

9. US factory output is at a three-year low.

10. Apple’s stock may have fallen back below $700 a share from iPhone sales, but Google’s stock just hit a new all-time high.

11. Record-high eurozone unemployment and continued manufacturing weakness could force the European Central Bank to lower rates later this week, according to Ken Wattret, economist at BNP Paribas.

Exercise № 8

Translate the following sentences from Russian into English.

1. Хотя экономисты прогнозируют улучшение ситуации на рынке труда, вряд ли безработица снизится до докризисного уровня.

2. Когда рынок труда характеризуется высоким спросом на рабочую силу при ограниченном предложении, работодатели повышают зарплату, с целью привлечь высококвалифицированную рабочую силу.

3. Считается, что компании будут больше полагаться на сотрудников, работающих неполный рабочий день, временных и внештатных сотрудников, так как они более мобильны.

4. Во вторник Министерство Труда опубликовало данные о повышении циклической безработицы, вызванном ростом числа уволенных, а также сокращением найма.

5. Гибкий рынок рабочей силы характеризуется ослаблением регулирования: работодатели могут по собственному желанию увольнять сотрудников, менять продолжительность их рабочего дня и устанавливать уровень зарплат.

6. Основные требования профсоюзов заключаются в увеличении гарантий занятости для работников и продления срока выплат пособий по безработице для тех, кого сократили во время спада.

Revision (Units 1-3)

Exercise № 9

1. Emerging economies already buy over half of all motor vehicles (up from only 20% in 2000), and account for four-fifths of mobile-phone contracts.

2. Growth was dragged down by slow business investment and a decline in energy exports that was not completely offset by a boost in consumer spending.

3. The economic picture throughout Europe still looks very gloomy, and in fact is getting even gloomier, with recession continuing across the continent and unemployment continuing to rise.

4. While the yuan has barely risen against the dollar since July, the dollar itself has been strong.

5. Morgan Stanly, an investment bank, says that manufacturing is on the verge of recession, but this accounts for only one-fifth of total euro-area output.

6. Growth in exports to the US, Hong Kong and China were offset by declines in shipments to the EU, Korea and Taiwan.

7. With inflation low and the economy stalling, the Fed has little to fear from a further rate cut.

8. “Imports are not likely to keep rising as quickly as they have in recent months, while exports should continue to improve,” said Ian Shepherdson, chief US economist at High Frequency Economics.

9. Consumer spending, which accounts for two thirds of GDP, continues to rise, and is on the course for real year-on-year growth in the first quarter of over 3%.

10. Slower growth in China is dampening commodity prices, hitting exporters in Latin America.

11. The recent data have raised some worries that perhaps growth is now decelerating much more than planned. The signs include a contraction in manufacturing activity, a slowing in consumer spending, a rise in claims for unemployment benefit and a number of prominent companies lowering earnings forecasts and capital-spending plans.

12. In some parts of the country the downturn has led to recession-like conditions, with unemployment swelling deep into double digit.

13. One bright note is that there has been some improvement among peripheral countries, but that is being offset by a worsening situation in France.

14. Capacity utilization is likely to have significantly increased again in the third quarter, which – together with jobs growth – signals a continuation of higher growth rates.

15. While a weakening exchange rate is welcome news for UK exporters who have been struggling to hang on to foreign markets, it raises the cost of raw material and fuel imports, threatening higher inflation.

16. Since the end of last summer, automakers have been slashing vehicle output to slow the pace of inventory accumulation – accounting for a significant part of the slowdown in overall economic growth.

17. Although demand for oil is waning, stocks of the commodity in the US are now at a 25-year low, meaning that there is unlikely to be a substantial drop in demand even if economic weakness continues.

18. High inflation has made it difficult for Indonesian President to rely on a growing consumer class to offset weak exports, as prices rise for everything from fuel to beef.

19. America’s growth rate weakened in the second quarter, expanding by 1,5% over the previous quarter at an annual rate, according to the first estimates.

20. Finland’s economy shrank by 1,1% in the second quarter. The country had been one of the euro zone’s best performers, but the crisis is now starting to take its toll on exports, which account for 40% of Finnish GDP.

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