VOA标准英语10月-Economists say World Financial Crisis Affecting A

The crisis in world financial and stock markets has not dramatically affected¹ most African nations. But African economists³ say the continent could experience considerable repercussions⁴ as lending and investment abilities tighten⁵ in the industrialized world. VOA's Scott Bobb has this report from our West Africa Bureau in Dakar.
　

Stockbrokers6 do business on trading floor of Nigerian Stock Exchange in Lagos, 08 Oct 2008

African economists note that African financial institutions have, so far, been spared the market-shaking collapses⁷ seen in the developed world.

The head of Pan-African Capital Holdings in Johannesburg, Wiseman Nkuhlu, says this is because African banks have not engaged in high-risk lending as seen in the United States and Europe.

"The markets of African countries are not as sophisticated as the markets in the U.S. and Europe, especially when it comes to the securitization of mortgage bonds which is behind this crisis," said Nkuhlu.

The failure of mortgage bonds, or housing loans, due to rising interest rates in Western nations sparked the crisis.

Mortgage bonds are not common in most African nations. But Nkuhlu says the disruption they have caused may affect Africa's economic growth rate of five percent or more in many countries.

"This crisis is of great concern because it may result in increased risk averseness on the part of banks and reduced [investment] flows to the region. The flows that have been responsible for the high levels of growth may actually decline if the crisis continues," he said.

The director of Ghana's Development Policy Institute, Nii Moi Thompson, agrees, saying the effects of the global crisis on Africa are likely to be indirect.

"One of the more likely indirect effects is the decline in remittances⁸ to African countries as unemployment rises in North America, Europe and other places. Those Africans who live there and regularly send monies home are less likely to be in a position to send home these monies," he said.

In addition, he says as Western governments try to pay for their billion-dollar rescue packages they might reduce foreign aid programs. Private humanitarian⁹ groups, facing a drop in donations, might have to do the same.

Some experts worry that the crisis could delay large-scale agriculture and infrastructure¹⁰ projects and could even threaten social programs to improve health, education and sanitation¹¹.

Nevertheless, the experts say there could be some positive effects. Thompson says interest rates will probably decline.

"As part of the effort to survive the crisis, these Western governments will have to keep interest rates down. So if that leads to lower debt servicing then that will be better for us," he said.

Another benefit could be lower prices for petroleum¹², food and other basic goods due to a decline in demand.

South African economist² Nkuhlu says he is optimistic that developed nations will remain committed to improving the quality of life in Africa.

"The commitments and the relationship between the developed world and Africa in particular has matured, reached a point where the commitments are likely to be sustained even while under these difficult circumstances, possibly at slightly reduced levels," he said,

Thompson says other benefits from the crisis are the lessons to be learned, especially from the structural¹³ adjustment programs that sought to reduce government's role in the economy and encourage free market reforms.

"The lessons are clear, that market forces can in fact be evil forces and it takes effective, responsive and competent institutions to contain them," he said.

But he cautions against excessive moves to reassert government involvement in the economy.

"We have been there before. But the problem was that we moved from one extreme to the other," he said. "There needs to be some sense of balance, some sense of moderation as to how far the markets should be allowed to go and how far the government can maintain some degree of oversight¹⁴ over the markets to ensure that they are productive without necessarily being destructive."
　

Senegalese President Abdoulaye Wade15

But the president of Senegal, Abdoulaye Wade, concluded that the crisis means little to the average African.

"Who cares if the bourgeois¹⁶ can no longer travel or live in comfort. The greatest menace to most Africans is hunger," he said. "The amount of investment needed to feed people and create jobs in Africa is a fraction of the money being spent on the global financial crisis."

1 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

2 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

3 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

4 repercussions   

n.后果，反响( repercussion的名词复数 )；余波

参考例句：

• The collapse of the company will have repercussions for the whole industry. 这家公司的垮台将会给整个行业造成间接的负面影响。
• Human acts have repercussions far beyond the frontiers of the human world. 人类行为所产生的影响远远超出人类世界的范围。 来自《简明英汉词典》

5 tighten   

v.(使)变紧；(使)绷紧

参考例句：

• Turn the screw to the right to tighten it.向右转动螺钉把它拧紧。
• Some countries tighten monetary policy to avoid inflation.一些国家实行紧缩银根的货币政策，以避免通货膨胀。

6 stockbrokers   

n.股票经纪人( stockbroker的名词复数 )

参考例句：

• Stockbrokers never more than now lack enthusiasm for the small client. 证券经济人在面对那些小客户时从未像现在这样缺乏激情。 来自互联网
• Today, I have expensive attorneys, accountants, real estate brokers and stockbrokers. 今天，我雇有身价昂贵的律师、会计师、房地产经纪人以及股票经纪人。 来自互联网

7 collapses   

折叠( collapse的第三人称单数 )； 倒塌； 崩溃； （尤指工作劳累后）坐下

参考例句：

• This bridge table collapses. 这张桥牌桌子能折叠。
• Once Russia collapses, the last chance to stop Hitler will be gone. 一旦俄国垮台，抑止希特勒的最后机会就没有了。

8 remittances   

n.汇寄( remittance的名词复数 )；汇款，汇款额

参考例句：

• He sends regular remittances to his parents. 他定期汇款给他父母。 来自《简明英汉词典》
• Remittances sometimes account for as much as 20% of GDP. 在这些国家中，此类汇款有时会占到GDP的20%之多。 来自互联网

9 humanitarian   

n.人道主义者，博爱者，基督凡人论者

参考例句：

• She has many humanitarian interests and contributes a lot to them.她拥有很多慈善事业，并作了很大的贡献。
• The British government has now suspended humanitarian aid to the area.英国政府现已暂停对这一地区的人道主义援助。

10 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

11 sanitation   

n.公共卫生，环境卫生，卫生设备

参考例句：

• The location is exceptionally poor,viewed from the sanitation point.从卫生角度来看，这个地段非常糟糕。
• Many illnesses are the result,f inadequate sanitation.许多疾病都来源于不健全的卫生设施。

12 petroleum   

n.原油，石油

参考例句：

• The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
• The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

13 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

14 oversight   

n.勘漏，失察，疏忽

参考例句：

• I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
• Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。

15 wade   

v.跋涉，涉水；n.跋涉

参考例句：

• We had to wade through the river to the opposite bank.我们只好涉水过河到对岸。
• We cannot but wade across the river.我们只好趟水过去。

16 bourgeois   

adj./n.追求物质享受的(人)；中产阶级分子

参考例句：

• He's accusing them of having a bourgeois and limited vision.他指责他们像中产阶级一样目光狭隘。
• The French Revolution was inspired by the bourgeois.法国革命受到中产阶级的鼓励。