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Words
in the News
Wednesday 26 February 2003
Vocabulary from the news. Listen to and read the report then find
explanations of difficult words below.
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Developing countries - oil
Summary: The possibility of war in Iraq has already affected the economy, leading to higher oil prices, lower share prices and a weaker dollar. But how might developing countries be affected if the war does happen? This report from Andrew Walker:
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The
News 
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Most developing countries import oil. So the persistence of relatively high oil prices - partly due to the international tension over Iraq - is very unwelcome to them. It is particularly an issue for those that have made large strides in industrial development, the sector of the economy that tends to consume the most energy. Thailand and Korea are examples of countries whose economies clearly suffer from high oil prices. How much damage they sustain, depends on how much higher prices go and how long they stay high.
Developing countries would also suffer if a war undermines economic performance in the rich countries. These are important markets for the goods produced by developing nations. Weaker rich economies would also undermine the prices of the commodities that many people in the developing world depend on for their livelihood. And then there are the foreign nationals working in the Gulf region, many of them from South or East Asia, who send money home to their families. A war might persuade some to return or disrupt their employment in the region.
Some developing countries might be better off - those that produce oil. In the Gulf there will be some gains from oil prices to offset the regional disruption. Elsewhere, Venezuela, Russia and oil producers in Africa could make a lot more money while prices remain relatively high.
Andrew Walker, BBC
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The
Words
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an issue
an important problem or subject that people are discussing
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made large strides
progressed quickly
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sector
an area or part of something
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consume
use
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damage they sustain
harm that they suffer
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undermines
weakens or affects in a negative way
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weaker rich economies
Economies that are considered to be rich, but which could be weakend by the effects of war
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commodities
a formal word for things which are sold for money
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foreign nationals
people who were born in another country or have the legal right to live there, but live in another country or area – in this case, the Gulf Region
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offset
balance or lessen the negative effects – in this case, the higher oil prices
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Read
more about this story |
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Other Words in the News archives
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