2021年经济学人 新兴市场：压力来袭（2）

That, in turn, has placed pressure on governments to extend or even increase spending on relief programmes.

这反过来又给政府带来了压力，迫使它们扩大甚至增加救援计划的支出。

Economic growth is boosting tax revenues in many countries, improving the public finances that were battered¹ by covid-19.

经济增长提高了许多国家的税收收入，改善了受新冠肺炎打击的公共财政状况。

Still, fiscal² deficits³ remain large.

不过，财政赤字依然庞大。

A decision in June to expand grain handouts⁴ means that India’s central government is likely to borrow more than 6.8% of GDP expected in the budget for the 2022 fiscal year.

今年6月，印度政府决定扩大粮食发放，这意味着印度中央政府的举债规模可能会超过2022财年预算中预计占GDP 6.8%的水平。

Brazil, which borrowed an eye-watering 13.4% of GDP last year, has extended its emergency cash transfers.

巴西去年借了占GDP 13.4%的巨额贷款，今年也已经扩大了紧急现金转移支付。

Chile and Colombia, which limited their borrowing to a modest 7% of GDP in 2020 last year, are planning to borrow about as much or more this year, according to the Institute of International Finance, a bankers’ group.

根据国际金融协会(一个银行家组织)的数据，智利和哥伦比亚去年将其借款限制在GDP的7%以内，今年计划借款的数额与此不相上下，甚至更多。

When you combine more money flowing through the economy with supply disruptions, though, the result is inflationary pressure.

然而，当更多的货币流动遇上供应中断，结果就是通胀压力。

Emerging-market central bankers, like their rich-world counterparts, argue that high inflation is merely temporary.

新兴市场的央行行长和发达国家的央行行长一样，认为高通胀只是暂时的。

But, unlike their advanced-economy peers, some have not felt comfortable enough to wait and see.

但是，与发达经济体的同行们不同，一些人无法悠闲地拭目以待。

They have more recent experience of bouts⁵ of high inflation, and doubt that public expectations of low inflation are as firmly anchored as in rich countries.

他们最近经历了几次高通胀，并且怀疑公众对低通胀的预期是否像发达国家那样稳固。

They have thus moved forcefully to rein⁶ in inflation.

因此，他们采取了强有力的措施来遏制通货膨胀。

Brazil’s central bank raised interest rates by a full percentage point on August 4th, on top of three increases of 0.75 percentage points each since March.

8月4日，巴西央行将利率提高了整整一个百分点，此前，巴西央行自3月份以来已三次上调利率，每次上调0.75个百分点。

The Central Bank of Russia also announced a full-point rise on July 23rd, also its fourth of the year.

俄罗斯中央银行也在7月23日宣布利率增加1个百分点，这也是今年的第4次加息。

Mexico and Peru raised interest rates on August 12th.

墨西哥和秘鲁在8月12日提高了利率。

Other central banks that have held fire are expected to tighten⁷ in coming months.

其他未采取行动的央行预计将在未来几个月收紧货币政策。

This determination to curb⁸ inflation may have kept foreign investors⁹ interested.

抑制通货膨胀的决心可能会让外国投资者保持兴趣。

Early this year some economists¹⁰ worried that a roaring recovery in America and the prospect¹¹ of higher interest rates there could lead to a rush of money out of emerging economies:

今年早些时候，一些经济学家担心，美国经济的快速复苏和加息的前景可能会导致资金从新兴经济体纷纷流出：

an echo of the “taper tantrum” of 2013, when the Federal Reserve began normalising monetary¹² policy after the financial crisis.

就像2013年“缩减恐慌”的复现，当时美国联邦储备理事会(美联储，FED)在金融危机后开始正常化货币政策。

1 battered   

adj.磨损的；v.连续猛击；磨损

参考例句：

• He drove up in a battered old car.他开着一辆又老又破的旧车。
• The world was brutally battered but it survived.这个世界遭受了惨重的创伤,但它还是生存下来了。

2 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

3 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

4 handouts   

救济品( handout的名词复数 )； 施舍物； 印刷品； 讲义

参考例句：

• Soldiers oversee the food handouts. 士兵们看管着救济食品。
• Even after losing his job, he was too proud to accept handouts. 甚至在失去工作后，他仍然很骄傲，不愿接受施舍。

5 bouts   

n.拳击（或摔跤）比赛( bout的名词复数 )；一段（工作）；（尤指坏事的）一通；（疾病的）发作

参考例句：

• For much of his life he suffered from recurrent bouts of depression. 他的大半辈子反复发作抑郁症。 来自《简明英汉词典》
• It was one of fistiana's most famous championship bouts. 这是拳击界最有名的冠军赛之一。 来自《现代英汉综合大词典》

6 rein   

n.疆绳，统治，支配；vt.以僵绳控制，统治

参考例句：

• The horse answered to the slightest pull on the rein.只要缰绳轻轻一拉,马就作出反应。
• He never drew rein for a moment till he reached the river.他一刻不停地一直跑到河边。

7 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。

8 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

10 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》

11 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

12 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。