VOA常速英语2008年-India's Runaway Economic Growth Expected to Slo

By Anjana Pasricha
New Delhi
28 March 2008

In India, questions are being raised over how a possible economic downturn in the United States will impact India's fast-growing economy. As Anjana Pasricha reports from New Delhi, India's economy is expected to slow down slightly, but continue to grow at a healthy pace in the coming year.

Four years ago, retired¹ army officer, Rakesh Dhir, invested a large chunk² of his savings³ in the Indian stock market.

His investments multiplied rapidly as the market grew by an average of more than 40 per cent a year, prompting him to put more money into stocks.

Dhir, like millions of other middle class investors⁴, was optimistic that the stock market would continue to flourish in an economy that has been growing at a rate of more than eight percent since 2003.

But in January, the Mumbai stock index, the Sensex, plunged⁵ along with other Asian markets, amid fears of a global economic downturn sparked by a possible recession in the United States. In the weeks since, stunned⁶ investors have seen the Sensex lose more than 20 per cent from its peak earlier this year.

The stock market's volatility⁷ has triggered concerns among people like Dhir about how hard India will be hit by a potential slowdown in the West.

"Hearing stories about recession in the West, I keep wondering whether I should stay invested in the stock market or not. It keeps me awake nights," said Dhir.

Economists⁸ are trying to calm such fears. Saumitra Chaudhuri, is a member of the Economic Advisory⁹ Council to the Prime Minister. He says a potential U.S. recession will have only a moderate impact on economic growth in India.

"There will be some impact, however the direct impact from a United States slowdown is not very large, because the bulk of the Indian economy still caters¹⁰ to meeting domestic demand, not export demand," he said.

India's domestic demand comes from its 50 million-strong middle class. Their growing incomes have fueled purchases of automobiles¹¹, mobile phones and homes, and contributed to rapid businesses growth.

However, economists warn that consumer demand will not be as buoyant as it was in previous years - primarily because rising inflation in the past year has prompted the government to raise interest rates.

Chaudhuri warns that more expensive credit could mean less spending.

"Prices of all kinds of goods, particularly food and commodities are going through the roof," he said. "When you have a very high inflationary situation, inflationary pressure, it is likely that the action you might take to reduce that inflationary potential from being realized would actually slow the economy down a bit more."

The government says it expects the economy to expand at 8.7 per cent in the coming year, compared to 9.6 per cent a year ago.

For investors looking for clues about the stock market, the decrease may be disheartening. But India is still expected to rank among the world's fastest growing economies.

1 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

2 chunk   

n.厚片，大块，相当大的部分（数量）

参考例句：

• They had to be careful of floating chunks of ice.他们必须当心大块浮冰。
• The company owns a chunk of farmland near Gatwick Airport.该公司拥有盖特威克机场周边的大片农田。

3 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

4 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

5 plunged   

v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降

参考例句：

• The train derailed and plunged into the river. 火车脱轨栽进了河里。
• She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。

6 stunned   

adj. 震惊的，惊讶的 动词stun的过去式和过去分词

参考例句：

• The fall stunned me for a moment. 那一下摔得我昏迷了片刻。
• The leaders of the Kopper Company were then stunned speechless. 科伯公司的领导们当时被惊得目瞪口呆。

7 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

8 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》

9 advisory   

adj.劝告的，忠告的，顾问的，提供咨询

参考例句：

• I have worked in an advisory capacity with many hospitals.我曾在多家医院做过顾问工作。
• He was appointed to the advisory committee last month.他上个月获任命为顾问委员会委员。

10 caters   

提供饮食及服务( cater的第三人称单数 )； 满足需要，适合

参考例句：

• That shop caters exclusively to the weaker sex. 那家商店专供妇女需要的商品。
• The boutique caters for a rather select clientele. 这家精品店为特定的顾客群服务。

11 automobiles   

n.汽车( automobile的名词复数 )

参考例句：

• When automobiles become popular,the use of the horse and buggy passed away. 汽车普及后，就不再使用马和马车了。 来自《简明英汉词典》
• Automobiles speed in an endless stream along the boulevard. 宽阔的林荫道上，汽车川流不息。 来自《现代汉英综合大词典》