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| Business Words in the News
Friday 16 November 2001
Vocabulary from the business news. Listen to and read the report then find explanations of difficult words below.
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IMF predicts global slowdown
Summary: The IMF has released its projections for global economic growth. Some economists believe that the forecast is a signal that the global economy is going into recession. This report by Mark Gregory.
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| | The News | |
| | | This is yet another sign that an already weakening global economy was further undermined by the rise in international tensions that followed the attacks on America in September. The IMF released its latest gloomy prognosis ahead of its delayed autumn meeting, which is taking place in Ottawa, Canada this weekend.
There is no accepted definition of a global recession - but as world population is increasing fast, many economists say global economic growth below two to two and half percent constitutes a recession. The IMF's latest forecast for this year and next is within that range. Only last month, the organisation was expecting a significant recovery in 2002. Now it believes there will be no improvement. But it admits to a high level of uncertainty about the accuracy of its forecasts. The IMF's Managing Director said making economic projections in the wake of the events of September the 11th was a bit like trying to read tea leaves.
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| | The Words
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| | | undermined
something that has been undermined has been weakened, made less strong or secure
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| | | international tensions
fear or nervousness involving different countries
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| | | gloomy
unhappy or miserable
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| | | prognosis
prediction
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| | | recession
a period when the economy of a country is not very successful
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| | | forecast
prediction of future performance
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| | | recovery
when something becomes well again
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| | | in the wake of
in view of
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| | | to read tea leaves
randomly guessing the future
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