3. CURRENT ISSUES
VOCABULARY & GRAMMAR
|compete||the economic scenario in which enterprises put effort to be leaders in their industry and increase their market share|
|preferential treatment||any concession or privilege granted to the party|
|acquire||come into possession or ownership; obtain|
|counterbalance||have an equal but opposite effect on something in a positive way|
|emerge||become known or apparent|
|employment||a relationship between two parties regulating the provision of paid labour services|
|reduction||the act of making something smaller in size, amount, number|
|purchasing power||the amount of goods and services that can be purchased with a unit of currency|
|availability||easily obtainable and ready for use|
|market expansion||a growth strategy which involves offering your existing product/service to a new market|
|apparently||по-видимому, очевидно, вероятно|
|implication||смысл, значение, подтекст|
|embrace||включать, заключать в себе, охватывать|
|robust||крепкий, сильный, устойчивый|
|shift||менять, изменять, перемещать|
- a reduction in
- central to
- implication for
- reaction to
- expose to
- shelter from
- at any rate
- revert to
- exemplify by
- response to
- at a pace
- critical for
- credited with
- accuse of
- at the level
WORDS FOR REPORT
|hold the view|
|substantial minorities/ large majorities|
|very different public moods across|
|not so downcast|
|key finding/ the major findings|
The country is central to the manufacture of a wide range of common consumer products, including mobile phones, computers, and household goods.
Countries attempting to stockpile supplies of vital goods would also run into cost constraints.
Building a new multilateralism won’t be easy; it may even appear impossible.
Fortunately, China seems to have brought the coronavirus under control, and economic activity in the country is returning to normal, so the disruption has been limited.
Such a disruption could come in the form of another public-health crisis or a natural disaster.
Climate concerns and carbon border taxes could compound the problem, by spurring cycles of retaliation and intensifying strain on international trade.
It may not be too difficult for very large economies to cover the costs of diversifying their production.
With many companies and industries dependent on faraway suppliers – and lacking any alternatives – no part of such value chains can function unless all parts do.
One of the most powerful drivers of support for deglobalization is the vulnerability of production models that rely on long and complex global supply chains, which have sacrificed robustness and resilience at the altar of short-term efficiency and cost reduction.
Moreover, by entrenching a volatile long-term rivalry, it would pose a grave threat to peace.
Likewise, reducing trade and foreign investment in the name of national security may actually increase political tensions and, by spurring a cycle of reprisals, place economies on a downward spiral.
Similarly, protocols and financing for rapid vaccine development and production capacity should be agreed (and continually updated).