CAMBRIDGE
ENGLISH VOCABULARY IN USE ADVANCED
UNIT 45
Economy and finance
In this unit we focus particularly on
collocations (words that are often used together).
A
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International
aid and development
European
countries have, in recent years, turned their attention to supporting real
and sustainable development1 in Africa. There are
many encouraging signs that such projects have taken root2.
In the five years up to 2015, a score of African countries achieved
economic growth of more than 4% per year. Foreign direct investment
also rose. Africa’s share in world trade now shows real signs of recovering
from a long decline. From Ghana in the west to Ethiopia in the
east and Mozambique in the south, Africa’s economies have consistently
grown more rapidly than those of almost any other region of the world. A dozen
countries’ economies have expanded by more than 6% a year over a period of
six or more years. But many millions of people in Africa still live in deep
poverty3 and more determined efforts are needed to
tackle the problem. The European Union is committed to supporting and allocating4
funds and development grants5 to those African
governments which are pursuing6 policies to reduce
and eradicate7 poverty and improve access to
healthcare, education and clean water supplies.
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1
development which can continue over a long time
2
started to be accepted
3
abject poverty is also a collocation
4
giving to be used for a particular purpose
5
money to help development
6
following policies is also a collocation
7
completely get rid of something bad
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B
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Collocations related to the noun debt
Countries
often find it impossible to repay debt; the debt burden is too
great. Easing the debt burden or cancelling debt helps debtor
countries/nations free themselves from the problem of incurring
more and more debt. Alleviating debt / Debt relief for
poor countries should be a priority.
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C
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Trade and cooperation
Free
trade agreements often cause disputes between
countries, especially when one country thinks the other is engaged in restrictive
practices1. Occasionally, trade wars erupt, and sanctions2
or embargoes3 are imposed on countries that may
not be lifted for long periods. On the other hand, countries closely
related economically and enjoying good relations have the possibility of
entering into monetary union and having a single currency.
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1 the placing of unfair restrictions, e.g. limiting imports
2 restrictions on what a country may import/export
3 total prohibitions on importing/exporting certain goods
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D
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Economic difficulties
If
an economy is badly affected by war, we may refer to it as a war-torn economy.
Economies in a bad state are often referred to as ailing economies.
Devaluation/Revaluation of the currency may be necessary. [reduction/increase
in value against other currencies]
Economies
may go into recession and not come out of / emerge from
recession for several years. Indeed, countries may even suffer a double-dip1
recession. A country may suffer from a slump in prices2 for
its goods. Lower taxes may be introduced to boost the economy3
when it is in recession.
1 recession which ends and then begins again after a short
time
2 serious fall/collapse in prices
3 give the economy a lift
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EXERCISES
45.1
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Try
to remember the collocations in A opposite. Fill the gaps in these sentences.
1
Development is important, but it should be ____________ development, not
the kind that only lasts a short time.
2
The government is a ____________ policy of giving aid only where it is used
to poverty. (Give two answers for the
first one.)
3
There have been some ____________ signs that development projects are ____________
root in many countries.
4
Millions of people still live in ____________ poverty. (Give two answers.)
5
The economy has ____________ from its decline and is now doing well.
6
The struggle to ____________ economic growth in developing countries is a
constant one.
7
Governments often ____________ funds for specific overseas development
projects.
8
The goal should be to improve ____________ to better healthcare and
education for the poor.
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45.2
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Rewrite
these sentences about debt using more appropriate language from the opposite page
to replace the underlined words.
1
Over a period of five years, the country got huge debts which it
could not pay back.
2
Countries in debt are completely at the mercy of wealthier nations.
3
The weight of debt is so great in some countries that their
economies are collapsing.
4
Wealthier countries could do a lot to make the debt of poor countries
less heavy, and indeed, in some cases, could forget the debt
altogether. (Give two answers for the first one.)
5
Over a period of three years, the country suffered a two-stage
recession.
6
The following year, there was a severe collapse in the price of
crude oil.
7
While some countries lowered the value of their currencies, one
country alone increased the value of its currency due to its strong
economy.
8
Urgent measures were needed to improve the economy.
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45.3
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Answer
the questions using vocabulary from the opposite page.
1
What kind of war can break out between countries concerning imports and
exports?
2
Which two verbs are used with sanctions and embargoes to mean
(a) ‘placing’ and (b) ‘removing’?
3
What is the name for activities which make free trade difficult or
impossible between countries?
4
What kind of agreement is it when two or more countries decide to share a
single currency?
5
What do we call sums of money given to poor regions to assist their
economic growth?
6
What can we call an economy that is devastated by armed conflict?
7
What adjective beginning with the letter ‘a’ can be used to describe an economy
in a bad state?
8
What noun can follow ‘debt’ to create a phrase meaning ‘removing debt’?
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45.4
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Now
use the answers from 45.3 to rewrite the words in bold.
1
Sharing the same currency was agreed between the five countries in
2003.
2
The government introduced a package of measures to rescue the economy, which
was in a bad state.
3
The two Trade Ministers got together to try to abolish activities that
made trade difficult.
4
A major dispute concerning exports and imports broke out between the
two countries in 1999.
5
The economy, which has been seriously affected by the war, is slowly
recovering now that peace has come.
6
The United Nations placed sanctions on the country in 1995 and did
not remove them until 2008.
7
The region received a large amount of money to help it grow economically
from the World Bank.
8
Removing debt has been crucial for some developing nations.
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ANSWER KEY
45.1
1 sustainable
2 following / pursuing, eradicate
3 encouraging, taking
4 deep / abject
5 recovered
6 achieve
7 allocate
8 access
45.2
1 Over a period of five years, the
country incurred huge debts which it could not repay.
2 Debtor countries are completely at the mercy of wealthier nations.
3 The debt burden is so great in some countries that their economies
are collapsing.
4 Wealthier countries could do a lot to ease / alleviate the
debt of poor countries, and indeed, in some cases, could cancel the
debt altogether.
5 Over a period of three years, the country suffered a double-dip recession.
6 The following year, there was a slump in the price of crude oil.
7 While some countries devalued their currencies, one country alone revalued
its currency due to its strong economy.
8 Urgent measures were needed to boost the economy.
45.3
1 a trade war
2 impose sanctions, lift embargoes
3 restrictive practices
4 monetary union
5 development grants
6 a war-torn economy
7 ailing
8 relief
45.4
1 Monetary union was agreed
between the five countries in 2003.
2 The government introduced a package of measures to rescue the ailing economy.
3 The two Trade Ministers got together to try to abolish restrictive
practices.
4 A trade war broke out between the two countries in 1999.
5 The war-torn economy is slowly recovering now that peace has come.
6 The United Nations imposed sanctions on the country in 1995 and did
not lift them until 2008.
7 The region received a development grant from the World Bank.
8 Debt relief has been crucial for some developing nations.
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