Globally, recovery is going slightly better than expected, according to the IMF, which released its latest World Economic Outlook today. After shrinking by 0.6% last year, the global economy is likely to expand by 4.2% in 2010, 0.3% faster than the IMF projected in January. But economic performances will continue to vary widely around the world. Much of the upward revision to global growth can be attributed to a better outlook for the American economy. The IMF revised its forecast for American economic expansion in 2010 up 0.4%, to 3.1%. There was no change, by contrast, for the euro area, which already faced a poorer growth outlook. The Euro area economy may only grow by 1% in 2010 and 1.5% in 2011. And much of the job of expansion will be handled by Germany and France, while southern European growth continues to lag. Spain’s economy will continue to shrink in 2010.
But the outlook is brightening for many emerging economies, including those in central and eastern Europe, for which growth forecasts were revised up by 0.8%. Developing Asia is enjoying a strong recovery, and the IMF indicated that both India and Brazil are likely to perform much better this year than initially anticipated, notching (赢得) growth rates of 8.8% and 5.5%, respectively.
The report suggested that planned stimulus measures for 2010 should be fully implemented, given the fragility of recovery, but it also noted that sovereign debt worries will become more severe as the year progresses. Debt issues are likely to prove especially problematic in Europe, which has the highest debt ratios and the slowest expected growth rates. The stressed southern European nations are in a damned-if-they-do-damned-if-they-don’t position. If little action is taken on debt, rising debt costs will choke of an already weak recovery. If aggressive action is taken, the blow to aggregate demand will likewise undermine growth.
Around the world, trade and production have recovered strongly, but employment remains well below prerecession levels in most countries. Labour market weakness is helping to keep inflation expectations in check; the IMF forecasts consumer price increases in developed nations of 1.5% in 2010 and 1.4% in 2011. But the return to strong growth is boosting commodity prices once more. Oil prices may increase by 30% in 2010, said the IMF, a rise 7% larger than projected in January.
The overall picture is of a remarkable turnaround in global fortunes, given the depth of the recession. The year’s performance is much better than many would have dared to hope early last year. But in parts of Europe, the future is somewhat less certain, and because that uncertain future could lead to sovereign debt crises that could potentially rattle financial markets, world leaders should remain vigilant.

A:fragility of recovery B:unemployment C:debt issues D:decrease of productivity

In 1880, Sir Joshua Waddilove, a Victorian philanthropist, founded Provident Financial to provide affordable loans to working-class families in and around Bradford, in northern England. This month his company, now one of Britain’s leading providers of "home credit"— small, short-term, unsecured loans—began the nationwide rollout of Vanquis, a credit card aimed at people that mainstream lenders shun. The card offers up to ￡ 200 ($ 380) of credit, at a price: for the riskiest customers, the annual interest rate will be 69%.
Provident says that the typical interest rate is closer to 50% and that it charges no fees for late payments or breaching credit limits. Still, that is triple the rate on regular credit cards and far above the 30% charged by store cards. And the Vanquis card is being launched just when Britain’s politicians and media are full of worry about soaring consumer debt. Last month, a man took his own life after running up debts of ￡ 130000 on 22 different credit cards.
Credit cards for "sub-prime" borrowers, as the industry delicately calls those with poor credit records, are new in Britain but have been common in America for a while. Lenders began issuing them when the prime market became saturated, prompting them to look for new sources of profit. Even in America, the sub-prime market has plenty of room for growth. David Robertson of the Nilson Report, a trade magazine, reckons that outstanding sub-prime credit-card debt accounts for only 3% of the $ 597 billion that Americans owe on plastic. The sub-prime sector grew by 7.9% last year, compared with only 2.6% for the industry as a whole.
You might wonder, though, how companies can make money from lending to customers they know to be bad risks—or at any rate, how they can do it legitimately. Whereas delinquencies in the credit-card industry as a whole are around 4%-5% , those in the sub-prime market are almost twice as high, and can reach 15% in hard times.
Obviously, issuers charge higher interest rates to compensate them for the higher risk of not being repaid. And all across the credit-card industry, the assessment and pricing of risks has been getting more and more refined, thanks largely to advances in technology and data processing. Companies also use sophisticated computer programs to track slower payment or other signs of increased risk. Sub-prime issuers pay as much attention to collecting debt as to managing risk; they impose extra charges, such as application fees; and they cap their potential losses by lending only small amounts ($ 500 is a typical credit limit).
All this is easier to describe than to do, especially when the economy slows. After the bursting of the technology bubble in 2000, several sub-prime credit-card providers failed. Now there are only around 100, of which nine issue credit cards. Survivors such as Metris and Providian, two of the bigger sub-prime card companies, have become choosier about their customers’ credit histories.
As the economy recovered, so did lenders’ fortunes. Fitch, a rating agency, says that the proportion of sub-prime credit-card borrowers who are more than 60 days in arrears (a good predictor of eventual default) is the lowest since November 2001. But with American interest rates rising again, some worry about another squeeze. As Fitch’s Michael Dean points out, sub-prime borrowers tend to have not just higher-rate credit cards, but dearer auto loans and variable-rate mortgages as well. That makes a risky business even riskier.

A:it charges its users no fees at all B:it leads to a decrease in consumer debt C:it leads to an increase in consumer debt D:it charges its users higher interest rates

In 1880, Sir Joshua Waddilove, a Victorian philanthropist, founded Provident Financial to provide affordable loans to working-class families in and around Bradford, in northern England. This month his company, now one of Britain’s leading providers of "home credit"— small, short-term, unsecured loans—began the nationwide rollout of Vanquis, a credit card aimed at people that mainstream lenders shun. The card offers up to ￡ 200 ($ 380) of credit, at a price: for the riskiest customers, the annual interest rate will be 69%.
Provident says that the typical interest rate is closer to 50% and that it charges no fees for late payments or breaching credit limits. Still, that is triple the rate on regular credit cards and far above the 30% charged by store cards. And the Vanquis card is being launched just when Britain’s politicians and media are full of worry about soaring consumer debt. Last month, a man took his own life after running up debts of ￡ 130000 on 22 different credit cards.
Credit cards for "sub-prime" borrowers, as the industry delicately calls those with poor credit records, are new in Britain but have been common in America for a while. Lenders began issuing them when the prime market became saturated, prompting them to look for new sources of profit. Even in America, the sub-prime market has plenty of room for growth. David Robertson of the Nilson Report, a trade magazine, reckons that outstanding sub-prime credit-card debt accounts for only 3% of the $ 597 billion that Americans owe on plastic. The sub-prime sector grew by 7.9% last year, compared with only 2.6% for the industry as a whole.
You might wonder, though, how companies can make money from lending to customers they know to be bad risks—or at any rate, how they can do it legitimately. Whereas delinquencies in the credit-card industry as a whole are around 4%-5% , those in the sub-prime market are almost twice as high, and can reach 15% in hard times.
Obviously, issuers charge higher interest rates to compensate them for the higher risk of not being repaid. And all across the credit-card industry, the assessment and pricing of risks has been getting more and more refined, thanks largely to advances in technology and data processing. Companies also use sophisticated computer programs to track slower payment or other signs of increased risk. Sub-prime issuers pay as much attention to collecting debt as to managing risk; they impose extra charges, such as application fees; and they cap their potential losses by lending only small amounts ($ 500 is a typical credit limit).All this is easier to describe than to do, especially when the economy slows. After the bursting of the technology bubble in 2000, several sub-prime credit-card providers failed. Now there are only around 100, of which nine issue credit cards. Survivors such as Metris and Providian, two of the bigger sub-prime card companies, have become choosier about their customers’ credit histories. As the economy recovered, so did lenders’ fortunes. Fitch, a rating agency, says that the proportion of sub-prime credit-card borrowers who are more than 60 days in arrears (a good predictor of eventual default) is the lowest since November 2001. But with American interest rates rising again, some worry about another squeeze. As Fitch’s Michael Dean points out, sub-prime borrowers tend to have not just higher-rate credit cards, but dearer auto loans and variable-rate mortgages as well. That makes a risky business even riskier.

A:it charges its users no fees at all B:it leads to a decrease in consumer debt C:it leads to an increase in consumer debt D:it charges its users higher interest rates

Our history professor is (such) a knowledgeable person that (it seems) that there isn’t (nothing) which he (does not) know.（　）

A:such B:it seems C:nothing D:does not

All things (had) been canceled (because) of the snowstorm, many passengers could do (nothing) but (take) the train.

A:had B:because C:nothing D:take

All things (had) been canceled (because) of the snowstorm, many passengers could do (nothing) but (take) the train.

A:had B:because C:nothing D:take

If language were for {{U}}nothing{{/U}} but the communication of warnings and weather reports, an artifical international language would do nicely.

A:anything other than B:nothing only C:nothing other than D:something except.