Revival of the Fittest
By rich-world standards, the emerging markets are still doing exceedingly well. The IMF still reckons developing economies will grow by 5.6% this year. Moreover, this deceleration is partly intentional. When the global financial crisis struck, emerging economies responded energetically: China launched a huge stimulus, Brazil's state-owned banks lavished credit, interest rates were slashed. They succeeded so well that by 2010 they were forced to reverse course. To squash price pressures they raised interest rates, curbed speculation and allowed their currencies to appreciate. With a lag, that tightening has had the predicted result.
适者的复兴
按照发达国家的标准，新型市场的表现仍异常良好。IMF依然预计发展中国家今年的增长会达到5.6%。而且这种减速多少有些是有意为之。经济危机来袭时，发展中国家积极应对：中国启动大规模刺激政策，巴西的国有银行放宽信贷，并大幅降低利率。这些政策效果非常突出，因此到了2010年他们不得不转变了方向。为了应对价格压力，他们又提高了利率，抑制投机，允许本币升值。虽然效果有些滞后，但是紧缩政策还是达到了预期的效果。
Still, the slowdown has proved much sharper than expected. Europe's sovereign-debt crisis is partly to blame. It has sapped demand for the developing world's manufactured exports and restrained prices of their commodities; South Africa is a notable casualty. European banks had been conduits for foreign money flowing into emerging markets. Now they are pulling back as they grapple with the problems at home.
但是这次的增长放缓比预期的要严重。部分原因要归咎于欧洲主权债务危机。欧洲市场对于发展中国家制造业出口需求骤减，压低了货物价格。南非受到的冲击非常明显。欧洲银行一直以来成为外汇流向新兴市场的主渠道，而如今当这些国家国内问题缠身时，他们正从这些市场抽回资金。
Fortunately, policymakers in the emerging world have plenty of scope to respond. Whereas target interest rates of central banks are near zero in America, Japan and Europe, they are average almost 6% in emerging markets. Fiscal stimulus is a luxury few advanced economies, whose budget deficits average 6% of GDP, can afford; it is still an option in many developing economies, where deficits are a more manageable 2%.
幸运的是，发展中国家有充分的余地做出反应。美国、日本和欧洲央行的目标利率已经接近于零，而新兴市场的平均利率为6%。刺激性财政政策只有少数几个平均财政赤字占GDP6%的发达国家有条件实施。而财政措施对于许多发展中国家仍然是一种选择，因为他们的财政赤字为更加可控的2%。
上一篇：商务翻译例文——财政刺激需要充分的国际协调
下一篇：商务翻译例文——经济状况的描述/Description of Economic Situation
微信公众号搜索“译员”关注我们，每天为您推送翻译理论和技巧，外语学习及翻译招聘信息。