Tag: economy

Global Growth Is Expected to Remain Stable Yet Underwhelming

B2 – Upper Intermediate

The IMF’s recent World Economic Outlook indicates that while global growth remains steady, it is underperforming compared to pre-pandemic levels. Key risks include geopolitical tensions, volatility in financial markets, and potential challenges in China’s property sector. These issues are prompting economists to push for structural reforms and a “policy pivot”.

Listen to the audio and/or read the transcript to know how this policy pivot can sustain economic recovery through targeted fiscal and monetary adjustments.

https://www.imf.org/en/Publications/WEO/Issues/2024/10/22/world-economic-outlook-october-2024

Vocabulary Questions:

  1. Explain “sectoral dynamics”. “As global disinflation continues, services price inflation remains elevated in many regions, pointing to the importance of understanding sectoral dynamics and of calibrating monetary policy accordingly.” Use it in a sentence.
  2. Define “cyclical imbalance“. “With cyclical imbalances in the global economy waning, near-term policy priorities should be carefully calibrated to ensure a smooth landing.” Use it in a sentence.
  3. What does “bolster” mean? “These have been compensated for by upgrades to the forecast for emerging Asia, where surging demand for semiconductors and electronics, driven by significant investments in artificial intelligence, has bolstered growth, a trend supported by substantial public investment in China and India.” Give two (2) synonyms or similar expressions and use ‘bolster’ in your own sentence.

Discussion Questions:

  1. What are some potential impacts on consumers if financial market volatility increases?
  2. Why do you think a policy pivot is important for maintaining economic stability right now?
  3. How might challenges in China’s property market influence other economies around the world?
  4. How do you think rising geopolitical tensions affect the global economy and international trade?
  5. Do you agree or disagree with this, “Support for the most vulnerable should be maintained.” Share your thoughts.

Is Capitalism Actually Broken?

B2 – Upper Intermediate

Capitalism is an economic system where private individuals or companies own and control the production of goods. In modern capitalist economies, the prices of goods and people’s income are mostly determined by the market, based on how businesses and individuals interact, rather than by government control. Capitalism is based on private ownership, the aim of making a profit, and competition in the market.

Watch this video trying to explain whether capitalism is, in fact, broken.

Vocabulary Questions:

  1. What is the meaning of “to take hold”? “In England, the country for which we have the best data before capitalism, the share of income going to the top 5% of income earners, peaked at around 40% in 1801, and then, as capitalism took hold, it fell steadily to a low of about 17% in 1977.” Give 2 synonyms or similar expressions and use this phrase in a sentence.
  2. What does the phrase “on the other end of the spectrum” mean? “On the other end of the spectrum, at 100%, private citizens own all the capital.” Give 2 synonyms or similar expressions and use this idiom in a sentence.
  3. Explain “laissez-faire capitalism”. “At the height of the Industrial Revolution, the dials were set pretty close to what we now call “laissez-faire capitalism“.” Use this term in your own sentence.

Discussion Questions:

  1. Explain the difference between the “three dials”.
  2. Share your thoughts on capitalism.
  3. Who do you think gains from capitalism, and who faces challenges because of it?
  4. What are the advantages and disadvantages of capitalism?
  5. Are there better alternatives to capitalism? Cite some of them and give examples, too.

24-Hour Cities

B2 – Upper Intermediate 

New York is dubbed as “The City that Never Sleeps”. But apparently, The Big Apple isn’t the only one and there are many more that are striving to become one as well.

About 100 cities in the world are called 24-hour cities. This means bustling nightlife where there are more places open all throughout the night.

It is believed that having a 24-hour city can help with a city’s economic growth. However, despite some benefits, it is still faces a deal of skepticism from people. 

Read the article to know more about the pros and cons of 24-hour cities.

https://www.bbc.com/news/articles/ckdgqpy0lyeo

Vocabulary Questions:

  1. What does “to home in on something” mean? “Yet a growing number of cities around the world are increasingly homing in on ways to strengthen their night-time economy.” Use the phrase in your own sentence.
  2. What is a “reveller”? “But not everyone is supportive of the change: “We don’t have enough security for it,” says one concerned reveller.” Use this word in a sentence.
  3. What does “up all night” mean? “But most of those cities, including London, Sydney, and Sinatra’s beloved New York, are not up all night.” Use this phrase in a sentence.

Discussion Questions:

  1. Share your thoughts on 24-hour cities. Talk about its benefits and the problems you see with it.
  2. Is your city one? Do you feel about that? If it isn’t yet, how would you feel about it becoming one?
  3. What do you think about a city’s 24-hour drinking zone?
  4. What are ways for cities to strengthen their night-time economy?
  5. What are your thoughts on night mayor or night czar’s job?

World’s Strangest Levies

B2 – Upper Intermediate

From blueberries to piercings, junk food to baby name approval taxes, the world is full of unusual levies that go beyond the standard income, property, and sales taxes we’re all familiar with. Imagine being taxed on the junk food you eat or the number of times you flush the toilet. These peculiar taxes not only reflect the diverse strategies of local governments but also ignite debates on their fairness and effectiveness.

Read this article to know the most unconventional taxes implemented across the globe.

https://www.euronews.com/business/2024/06/21/what-a-taxing-thought-where-in-the-world-you-find-the-strangest-levies

Vocabulary Questions:

  1. What does “to draw the purse strings tight” mean? “These and several more odd taxes might make you pause and draw the purse strings tight again.” Use this expression in a sentence.
  2. Define “eating away at something”. “It cites rising interest rates, labour costs and inflation which are all eating away at blueberry profit margins.“ Make a sentence.
  3. What is the meaning of “to face the brunt of something”? “I fear that in the not-so-distant future, lesser skilled employees will face the brunt of redundancies as their jobs are taken by robots.” Use this in a sentence.

Discussion Questions:

  1. Which of the levies in the article do you think are the most and least reasonable?
  2. How do you personally feel about governments using taxes to influence people’s behavior, such as with junk food taxes or carbon emission taxes?
  3. In your opinion, what are the potential benefits and drawbacks of implementing a robot tax in industries that rely heavily on automation?
  4. If you could propose a new tax to address a pressing issue in your country or community, what would it target and why?
  5. Should taxes be used as a tool to address environmental issues, such as reducing carbon emissions or promoting sustainable practices? Why or why not?

Why Can’t Prices Just Stay the Same?

B2 – Upper Intermediate

Seeing the prices of goods rise in our preferred supermarket is probably no longer shocking, as it is just the way things are these days. Even if we are aware that it is inflation, we nevertheless find ourselves wondering why because the majority of us are looking for solutions, particularly, relief from the strain that inflation has placed on our finances.

To understand why prices can’t stay the same, watch the video below.

Vocabulary Questions:

  1. Explain “virtuous cycle” in economics. “When supply chain interruptions created product shortages and some companies artificially drove up prices to increase their profits, which along with some other causes, effectively turn this virtuous cycle into a vicious one.” Construct your own sentence.
  2. What does “deflationary spiral” mean? “Falling prices sound pretty good, but they can also introduce another kind of cycle: a deflationary spiral.” Make your own sentence using this term.
  3. What is the meaning of “in no small part“? “Japan is finally emerging from decades of chronic deflation, but that’s thanks, in no small part, to the high inflation that most of the world battled over the last few years.. Give two (2) synonyms or similar expressions and use ‘in no small part’ in your own sentence.

Discussion Questions:

  1. What are the factors mentioned in the video as to why prices can’t stay the same? 
  2. Share your thoughts on this, “A little inflation is a good thing.“.
  3. How is inflation affecting the people in your country? Across the globe?
  4. Do you agree with this assertion, “It’s okay if prices rise so long as wages rise too. You’ll still be able to afford the same goods if your wages keep pace with inflation.“? Explain your stance.
  5. What strategies can you recommend to counteract the strain that inflation has placed on our finances?

How Singapore Got So Crazy Rich

B2 – Upper Intermediate

Singapore, a small island city-state in Southeast Asia, has grown to become one of the world’s most powerful economies. Despite its lack of natural resources, the country has managed to transform itself from a sleepy fishing village to a global financial hub in just a few decades.

Through its strategic location, business-friendly policies, and strong emphasis on education and innovation, the country has managed to become a global economic powerhouse. While challenges remain, Singapore is well-positioned to continue its economic success in the years to come.

Watch the video and learn how a small country grew into a prosperous one.

Vocabulary Questions:

  1. What does “knowledge-based economy” mean, “Singapore shifted emphasis to a knowledge-based economy that relies more on creativity and growing Singapore’s entrepreneurs.”? Make a sentence using this phrase.
  2. What does “land reclamation” mean, “It had embarked on an ambitious land reclamation project in the 1970’s.”? Make a sentence using this phrase.
  3. What does “politicking” mean, “There will be that politicking that will happen in much more intensely in the years to come than there was ever before.”? Make a sentence using this word.

Discussion Questions:

  1. What was Singapore’s formula for success?
  2. What are the respective economic policies of Singapore’s prime ministers? What are your thoughts on them?
  3. Tell the story on how your country’s economy grew to what it is now.
  4. What are your government’s current economic policies?
  5. What do you think your government should do and focus on economy-wise?

Economic Shock Treatment in Argentina

B1 – Intermediate

After his surprise win in the last elections, President Javier Milei has outline his plans on how to alleviate Argentina from the economic crisis that the country is currently suffering.

Read the article about Argentina’s new president Javier Milei’s economic plans for his nation.

https://breakingnewsenglish.com/2312/231214-javier-milei-2.html

Vocabulary Questions:

  1. What does ”austerity” mean,”He said they would have to live in “austerity” to help the economy.”? Give two (2) synonyms or similar expressions and make a sentence using ‘austerity’.
  2. What does “fruit of one’s efforts” mean? “We know that in the short term, the situation will worsen, but then we will see the fruits of our efforts.” Use this idiom in a sentence.
  3. What does “turning point” mean? “His election victory was a surprise. He called it a turning point in Argentina’s history, like the fall of the Berlin Wall in 1989.” Use this phrase in a sentence.

Discussion Questions:

  1. What do you think President Milei mean with “The economy needed ‘shock treatment’.”.
  2. How exactly do you think can a country live in austerity during an economic crisis?
  3. How can a country cut inflation and national debt? How does your government do it?
  4. Do you agree with Milei on this, “We know that in the short term, the situation will worsen, but then we will see the fruits of our efforts.”? Why or why not?
  5. How’s the economic state of your country like in year 2023?

More Education Is Not Always Better

B2 – Upper Intermediate

It has been demonstrated that education has the greatest impact on one’s economic success. Does this imply that increased education has more positive economic effects, taking into account the numerous factors brought about by technological development that influences the skill set needed by the economy.

Watch the video below to learn more why more education is not always necessarily better.

Vocabulary Questions:

  1. Define “skilled migration“. “Finding the right balance is going to be hard, especially as new technologies are constantly changing the skill sets that are demanded by the economy and that’s before considering variables like skilled migration, which can add or subtract skills to the labor market very quickly.” Please create your own sentence using the phrase.
  2. What does “too much of a good thing” mean? “Are our modern economies becoming overeducated and if they are, what are the consequences of having too much of a good thing?” Use this expression in a sentence.
  3. What is the meaning of “egalitarian“? “In some highly egalitarian countries, education is paid for by the government.”

Discussion Questions:

  1. Do you agree that more education isn’t always better? Why or why not?
  2. What are the consequences of an overeducated population?
  3. Should we slow down the trend of people becoming more and more overeducated? Share your thoughts on this.
  4. Do you believe that the “Labor Theory of Value” is a perfect way of measuring value? Explain.
  5. What is the importance of subjective value?
  6. Talk about the balance of research and labor in your country.

Making Poor Areas Richer

C1 – Advanced

Even in the rich countries, financial hardships that is brought about by inflation and the global economic crisis are felt, and the poorest areas are the ones hit hardest by this pinch.

Amidst the continuously widening economic divide, is there hope for these declining areas?

Watch the video on how to tackle regional inequality.

Vocabulary Questions:

  1. What does the idiom “to feel the pinch” mean? “Many across the rich world are feeling the pinch and it’s hitting hardest in its poorest regions. ” Use this expression in your own sentence.
  2. What does “to be left in the lurch” mean, “Although globalization benefited many in well-off countries, large areas have been left in the lurch.” Use this idiom in your own sentence.
  3. What does ”top-down” in governance mean, “[In] countries which tend to be very centralized and top-down in terms of governance what we see is only certain parts of the country seem to really enjoy the benefits of prosperity and they tend to leave other parts of the country behind.”? Use this word in your own sentence.

Discussion Questions:

  1. Is regional inequality also an issue in your country? Talk about how evident it is and how the government is addressing this problem.
  2. How can countries with the problem of the dark divides fix this issue?
  3. In a country with the government system like the UK, should Mayors be given more autonomy to address their respective city’s crises? Explain your stance.
  4. How does economic globalization worsen regional inequality?
  5. How might regional inequality affect a country?

Reasons Unemployment Is Scary

B2 – Upper Intermediate

Unemployment always sounds familiar to each and every one of us. Due to the fact that it is an issue that many people can relate to, it has long been one of society’s most pressing problems and a top concern for many governments all over the world.

Please watch the video below to find out why unemployment is so scary.

Vocabulary Questions:

  1. What does “scarce resource” mean, “All of this is done with the aim of allocating scarce resources.” Use this in your own sentence.
  2. What does “inner workings” mean, “Behind this definition, there is something much bigger going on, something that teaches us about the inner workings of the economy.” Use this in your own sentence.
  3. What is “free market“? “Free market economics does miraculously work quite well to get people paired up with jobs all over this country and world.” Use this in your own sentence.

Discussion Questions:

  1. What do you think of unemployment? Should we be concerned about it?
  2. Is unemployment one of your nation’s most pressing societal issues? Why or why is it not the case?
  3. Explain ‘natural unemployment’. Share your thoughts on it.
  4. Have you ever been without a job? Talk about this situation.
  5. How does unemployment impact our lives and the country’s economy?