World economic growth expected to slow in '08

This is the VOA Special English Economics Report.

World economic growth remained strong in 2007. The International Monetary Fund estimated growth at five and
two-tenths percent.
But predictions for 2008 call for slower growth in the world economy. In October the I.M.F. cut its estimate for
global growth this year by almost half a percentage point, to four and eight-tenths percent.
A house on the market in Denver, Colorado A house on the market in Denver, Colorado There are worries of an
economic slowdown or possibly a recession in the United States. The most important issue for two thousand eight
may be the American housing market.
The market has been hit by a combination of falling home prices and the subprime mortgage crisis involving high-
interest loans. Losses on investments tied to these risky home loans have affected not only American banks but
banks around the world.
Worries over the credit situation have caused banks to limit their lending, even to each other. Central banks have
tried to ease credit fears by lowering interest rates or lending billions of dollars, or both.
Another major issue for 2008 is what effect energy prices will have on economic growth. The price of a barrel of
oil doubled
Rising in 2007.
oil prices And on
in recent the second
years daygood
have been of 2008, theproducing
for oil price hit one hundred
countries, dollarsincluding
though, for the first time.
those with
sovereign wealth funds. These are state-owned investment funds also held by China, Singapore and some other
countries.
The growing activity of these government-controlled investment funds makes them something else to watch in
2008. Lately they have been used in some cases to invest in Western companies hurt by the subprime mortgage
crisis.
Abu Dhabi, in the United Arab Emirates, has what experts believe is the world's biggest sovereign wealth fund.
Some estimates put the value at nine hundred billion dollars. But last month came news of plans by Saudi Arabia
for what could be an even wealthier fund.
The dollar continued its drop against most major currencies in 2007. This has made American exports less costly.
Still, the United States is expected to report a trade deficit with China of almost three hundred billion dollars last
year. Some experts say the deficit will continue to be a problem so long as China does not let its currency rise
more quickly against the dollar.
And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Bob Doughty.
World economic growth expected to slow in '08

1) The most important issue of the United States for 2008 may be:

A. Poverty
B. Fear for terrorism
C. Poor Living Condition.
D. Low wage
E. Housing market

2) The United States may continue to have trade deficit with China in 2008 if:

A. Dollar continues its drop against most major currencies.

B. Oil prices will increase.
C. Central banks will lower the interest rates or lend billions of dollars, or both.
D. Government-controlled investment funds will be used in some cases to invest in the United States.
E. China will not let its currency rise more quickly against the dollar.

3) What is global growth rate in 2008 estimated by I.M.F?

A. 3.4%
B. 5.2%
C. 4.5%
D. 8%
E. None of the above is correct.

4) Which countries are the world's biggest sovereign wealth fund as believed by experts:

A. China
B. The United States
C. UAE or Saudi Arabia
D. England
E. None of the above is correct.

5) What will banks do when they have worries over losses on investments tied to risky home loans:

A. Reduce interest rate for home loans

B. Increase interest rate for home loans
C. Do not limit lending.
D. Provide houses for people
E. None of the above is correct.

6) Translate the word "IMF" into Chinese.

7) Translate the following words into English:

阿拉伯联合酋长国：
沙特阿拉伯：
阿布扎比：
中央银行：
贸易赤字：
8）Assuming you are the president of the United States, what are key initiatives you would like to take to try to min
the potential negative impact caused by subprime mortgage crisis of the United States in 2008?

9) Translate the following words into Chinese:

subprime mortgage crisis:

sovereign wealth fund:

10) What is your personal opinion about the China economy in 2008?
to minimize
World economic growth expected to slow in '08

1) The most important issue of the United States for 2008 may be:

A. Poverty
B. Fear for terrorism
C. Poor Living Condition.
D. Low wage
E. Housing market

2) The United States may continue to have trade deficit with China in 2008 if:

A. Dollar continues its drop against most major currencies.

B. Oil prices will increase.
C. Central banks will lower the interest rates or lend billions of dollars, or both.
D. Government-controlled investment funds will be used in some cases to invest in the United States.
E. China will not let its currency rise more quickly against the dollar.

3) What is global growth rate in 2008 estimated by I.M.F?

A. 3.4%
B. 5.2%
C. 4.5%
D. 8%
E. None of the above is correct.

4) Which countries are the world's biggest sovereign wealth fund as believed by experts:

A. China
B. The United States
C. UAE or Saudi Arabia
D. England
E. None of the above is correct.

5) What will banks do when they have worries over losses on investments tied to risky home loans:

A. Reduce interest rate for home loans

B. Increase interest rate for home loans
C. Do not limit lending.
D. Provide houses for people
E. None of the above is correct.

6) Translate the word "IMF" into Chinese.

国际货币基金组织

7) Translate the following words into English:

阿拉伯联合酋长国： the United Arab Emirates

沙特阿拉伯：Saudi Arabia
阿布扎比：Abu Dhabi
中央银行：central bank
贸易赤字：trade deficit
8）Assuming you are the president of the United States, what are key initiatives you would like to take to try to min
the potential negative impact caused by possible slow economy growth in 2008?

Good morning. This week, I met with Housing Secretary Jackson and Treasury Secretary Paulson to discuss the
economy and the turbulence in our Nation's mortgage industry. The fundamentals of America's economy remain
strong. But the mortgage industry is going through a period of adjustment. And some Americans are worried abo
the impact this is having on their ability to make their monthly mortgage payments.
I have made it a priority to help American homeowners navigate these financial challenges, so that as many fam
as possible can stay in their homes. The Federal government will not bail out lenders -- because that would only
make a recurrence of the problem more likely. And it is not the government's job to bail out speculators, or those
made the decision to buy a home they knew they could never afford. But I support action at the Federal level tha
help more American families keep their homes.
One important way to help homeowners during this time of housing market stress is for Congress to change a k
part of the Federal tax code. Under current law, when a lender forgives part of a mortgage to help its customer s
afloat, that amount is treated as taxable income. When your home is losing value and your family is under financ
stress, the last thing you need is to be hit with higher taxes. So I'm working with members of both parties to pass
that will protect
Another homeowners
important step we're from
takinghaving to pay taxes
for American on cancelled
homeowners is to mortgage
modernizedebt.
the Federal Housing Administrat
The FHA is a government agency that provides mortgage insurance to borrowers through a network of private s
lenders. I've sent Congress important legislation that would help more Americans qualify for this insurance by
lowering down-payment requirements, increasing loan limits, and providing more flexibility in pricing. By passing
legislation, Congress will allow the FHA to reach more families in need of our assistance, and I ask Congress to
quickly.
At the same time we will launch a new FHA initiative called FHASecure. This initiative will help some people who
have good credit but have recently been missing their payments. FHASecure will help these families refinance t
mortgages so they can make their payments and keep their homes.
There are other ways we can help. My Administration will launch a new Foreclosure Avoidance Initiative to help
homeowners learn more about their refinancing options. I've directed Secretary Paulson and Secretary Jackson
look into innovative ways to bring together homeowners and counseling groups, financial professionals, and the
and government-sponsored enterprises like Fannie Mae and Freddie Mac to help American families find the
mortgage product that works best for them.

Finally, the Federal government is working to make the mortgage industry more transparent and more reliable a
more fair, so we can reduce the likelihood that homeowners will face similar problems in the future. Federal ban
regulators are strengthening lending standards and making mortgages easier to understand. My Administration
working on new rules to help our consumers compare and shop for loans that meet their budgets and needs. W
committed to pursuing fraud and wrongdoing in the mortgage industry.
Homeownership has always been part of the American Dream. During my Administration we've achieved record
homeownership rates. We'll continue to work hard to keep our housing market strong, to ensure that American
families can afford the homes they buy, and to help bring the dignity and security that comes with homeownersh
more of our citizens.

9) Translate the following words into Chinese:

subprime mortgage crisis: 次级贷危机

sovereign wealth fund: 主权财富基金

10) What is your personal opinion about the China economy in 2008?
to minimize
Purpose 1) Improve English communication skill.

2) Develop potential of AM/AE/Clerk.

Time 8:00-9:00 am, 1/9 Wed.

Scoring Sheet:

Person Team Title Score Sequence

Yang Yang A 86.00 1
Bruce Sun B 85.00 2
Morgan Xu B 83.00 3
Steven Bing A 79.00 4
Viktor Yang A Leader 78.00 5
Melissa Yang B 76.00 6
Edward Song A 73.00 7
Liu YZ B 72.00 8
Susan Qu A 71.00 9
Sally Chen A Secretary 64.00 10
Tenny Sun B Leader 53.00 11
Tan SS B 39.00 12
Du Song Mei A 37.00 13