VOCABULARY

Please make sure you know the Polish equivalents of the following words and
expressions
economy
economic
economic growth
economic slowdown
economic boom
economic recovery/revival
economic slump/crisis
to boom economy is booming
to boost it boosted economy
annually / annual
per annum /per capita
GDP - Gross Domestic Product
demand/ supply
to compete
fiercely competitive market
domestic market
emerging markets
the eurozone , the EU
volatile market
the situation on the market is fluid
stable/ unstable/ instability
prosperity
trade surplus
bilateral talks
to account for
to contract, contraction
to shrink
fixed assets
Read the articles below and
A.

1. highlight three ideas you have found interesting,

2. focus on three vocabulary items you would like to share with your colleagues
3. and present your two reflections about this article - in writing in bullet
points

B. Look at the highlighted sentences and expression in the article . Think what
the context is and how you would explain what the sentences or expressions
mean in other words.

Lunar New Year: China tourism spending tops pre-

Covid level
19 February 2024
By Peter Hoskins
Business reporter, BBc News

Tourism spending in China during the Lunar New Year break jumped above pre-
Covid levels, official data shows.
Domestic tourism spending hit 632.7 billion yuan (£69.7bn), about 47% more
compared to the same holiday period last year according to government figures.
The celebrations came after years of pandemic lockdowns and restrictions, which were
lifted in early 2023.
The data was also boosted as the holiday was a day longer than usual.
The figures for the start of the Year of the Dragon showed that 474m domestic trips
were taken during the eight-day break, which ended on Sunday. That was more than
34% higher than last year and 19% above pre-pandemic levels in 2019.
Although authorities did not give a breakdown of the data, calculations based on the
official figures show that average spending on each trip was down by around 9.5%
compared to 2019.
This suggests "consumption downgrading is still widely seen," analysts from US
investment banking giant Goldman Sachs wrote in a note.

The holiday, known as the Spring Festival in China, is the world's largest annual
migration.Traditionally, hundreds of millions of people return to their hometowns in
China to reunite with family members, or visit tourist attractions across the country.
During the pandemic, major celebrations were cancelled and travel was banned.
The jump in overall Lunar New Year spending marks some rare good news for the
world's second-largest economy, which is facing a number of challenges.
Among the serious issues Beijing is grappling with are a property market crisis, weak
exports and concerns about falling consumer prices, or deflation.
Meanwhile, official data released on Sunday showed that investment by foreign
businesses into China last year increased by the lowest amount for three decades.
The Foreign Direct Investment (FDI) fell to the lowest level since 1993, according to
the State Administration of Foreign Exchange.

Japan unexpectedly slips into a recession

15 February 2024

By Mariko Oi
Business reporter, BBC NEWS

Japan has unexpectedly fallen into a recession after its economy shrank for two
quarters in a row.
The country's gross domestic product (GDP) contracted by a worse-than-expected
0.4% in the last three months of 2023, compared to a year earlier.
It came after the economy shrank by 3.3% in the previous quarter.
The figures from Japan's Cabinet Office also indicate that the country has lost its
position as the world's third-largest economy to Germany.
Economists had expected the new data to show that Japan's GDP grew by more than
1% in the fourth quarter of last year.
The latest figures were the first reading of Japan's economic growth for the period and
could still be revised.
Two quarters in a row of economic contraction are typically considered the definition
of a technical recession.
In October, the International Monetary Fund (IMF) forecast that Germany was likely to
overtake Japan as the world's third-largest economy when measured in US dollars.
The IMF will only declare a change in its rankings once both countries have published
the final versions of their economic growth figures. It began publishing data comparing
economies in 1980.
Economist Neil Newman told the BBC that the latest figures show that Japan's
economy was worth about $4.2tn (£3.3tn) in 2023, while Germany's was $4.4tn.
This was due to the weakness of the Japanese currency against the dollar and that if
the yen recovers, the country could regain the number three spot, Mr Newman
added.
At a press conference in Tokyo this month, the IMF's deputy head, Gita Gopinath, also
said an important reason for Japan potentially slipping in the rankings was the yen
falling by about 9% against the US dollar last year.
However, the weakness of the yen has helped to boost the share prices of some of
Japan's biggest companies as it makes the country's exports, such as cars, cheaper
in overseas markets.
This week, Tokyo's main stock index, the Nikkei 225, crossed the 38,000 mark for the
first time since 1990, when a collapse in property prices triggered an economic crisis.
The Nikkei 225's record high of 38,915.87 was set on 29 December 1989.
The latest GDP data may also mean that the country's central bank may further delay
a much-anticipated decision to raise the cost of borrowing.
The Bank of Japan introduced a negative interest rate in 2016 as it tried to boost
spending and investment.
Negative rates make the yen less attractive to global investors, which has pushed
down the currency's value.
Israel's economy shrinks more than expected on
Gaza war
20 February 2024

BBc News

Israel's economy shrank by far more than expected in the wake of conflict with
Hamas in Gaza, according to official figures.
Gross domestic product (GDP) - a key measure of a country's economic health - fell
by 19% on an annualised basis in the fourth quarter of 2023.
That is the equivalent of a fall of 5% between October and December.
GDP was "directly affected" by the outbreak of the conflict on 7 October, the Central
Bureau of Statistics said.
Israel and Hamas have been at war after gunmen from the Palestinian group launched
an unprecedented attack on Israel from Gaza - the deadliest in Israel's history.
About 1,200 people were killed during the attack. Hamas, which is considered a
terrorist group by Israel, the US, the European Union and the UK, also took more than
250 men, women and children hostage.
An Israeli military campaign has followed, which has killed 29,000 people in the
Palestinian territory, according to the Hamas-run health ministry there.

Experts said the data released on Monday by Israel's Central Bureau of Statistics was
much worse than had been expected.
The median estimate in a Bloomberg survey of analysts was for an annualised decline
of 10.5%.
The Central Bureau of Statistics said the war had sharply curtailed spending, travel
and investment at the end of last year.
It said private spending dropped by 26.3%, exports fell by 18.3% and there had been
a 67.8% slide in investment in fixed assets, especially in residential buildings. The
construction sector suffered from a lack of labour, due to military call-ups and a
reduction in Palestinian workers.
Meanwhile, government spending, mainly on war expenses and compensating
businesses and households, jumped by 88.1%.
Despite the sharp drop in GDP between October and December, Israel's economy
grew by 2% for the full year.
However, before the 7 October attacks, it had been expected to expand by 3.5%.
Liam Peach, emerging markets economist at Capital Economics, said the contraction
of Israel's economy was "much worse than had been expected and highlights the
extent of the hit from the Hamas attacks and the war in Gaza".
He said the country's growth outlook for 2024 "now looks likely to post one of its
weakest rates on record".
Elsewhere, the conflict has affected trade. Houthi rebels, backed by Iran, have been
targeting cargo ships on the Red Sea that are heading to the Suez Canal.
Egypt's President Abdel Fattah al-Sisi said on Monday that the attacks had cut Suez
Canal revenue by between 40% and 50% this year.
The Red Sea is one of the world's most important routes for cargo - almost 15% of
global seaborne trade usually passes through the area.
The Houthis have been carrying out strikes from bases in Yemen on ships which they
claim are Israeli-owned, flagged or operated, or are heading to Israeli ports. However,
the owners and operators of many vessels claim they have no links with Israel at all.
The US and the UK have carried out retaliatory strikes on Houthi targets in Yemen in
turn.
But even before this, some of the world's largest shipping companies had stopped their
vessels from passing through the strait.