Translation Exercise 2 (for Thursday class)

World Economic Situation and Prospects 2005
(Published by United Nations)

At the beginning of 2005, the cyclical recovery in the world economy was reaching its zenith; growth of gross world product (GWP) increased by 4 per cent in 2004, compared to 2.8 per cent in 2003 and a forecast of 3.25 per cent for 2005. Growth in the developing countries was the fastest for more than two decades, while output in the remaining economies in transition continued to increase more rapidly than in the other major country groups.

The world economy has considerable momentum entering 2005 and most determinants of the short-term prospects remain positive, with only a modest deceleration anticipated for 2005. The higher oil price has already slowed global growth somewhat and policy measures intended to avert overheating will reduce it further, including in the United States and China, the principle engines for the global economy at present. The growth of international trade will slow accordingly and the upward movement in the prices of oil and several other commodities is unlikely to continue, reducing that stimulus to many developing countries. The expected upward drift in interest rates will also cause growth to ease in many countries.