Passage 2
International conditions for growth in developing in 1991. The seven major industrial countries ( the G-7) experienced a significant slowdown in GDP growth-from 2.8 per cent in 1990 to 1. 9 per cent during 1991 as recession gripped<

Passage 2<br> International conditions for growth in developing in 1991. The seven major industrial countries ( the G-7) experienced a significant slowdown in GDP growth-from 2.8 per cent in 1990 to 1. 9 per cent during 1991 as recession <u>gripped<
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    Monetary Union, warns Malcolm Rifkind the British foreign secretary, will be a radical and divisive departure from 40 years of common Policies. "Europe will be divided between those countries that are part of economic and monetary union, and those co

    Monetary Union, warns Malcolm Rifkind the British foreign secretary, will be a radical and divisive departure from 40 years of common Policies.
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      Their tax rates【jumped】 from 21% to 36%.

      Their tax rates【jumped】 from 21% to 36%.
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        Supply and demand on the currency market will generally 【balance】.

        Supply and demand on the currency market will generally 【balance】.
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          A major 【objective】 of the govemment is to increase the proportion of industrial exports.

          A major 【objective】 of the govemment is to increase the proportion of industrial exports.
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            Imports of capital and consumers goods are exempted from customs duties, and 【uniform】 15% income-tax rate is applied.

            Imports of capital and consumers goods are exempted from customs duties, and 【uniform】 15% income-tax rate is applied.
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              In the United States, women were first 【granted】 the right to vote on August 18, 1920.

              In the United States, women were first 【granted】 the right to vote on August 18, 1920.
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                After World War the United States emerged as the 【dominant】 industrial power in the world.

                After World War the United States emerged as the 【dominant】 industrial power in the world.
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                  【Aggregate】 demand is the overall value of planned expenditures in an economy.

                  【Aggregate】 demand is the overall value of planned expenditures in an economy.
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                    The Gulf crisis had severely 【adverse】 effects on the economies of Middle Eastern countries.

                    The Gulf crisis had severely 【adverse】 effects on the economies of Middle Eastern countries.
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                      In addition, economic growth is 【skidding】 to an anticipated 1% next year.

                      In addition, economic growth is 【skidding】 to an anticipated 1% next year.
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                        Japan's government was 【opposed】 to America's trade policy for some products.

                        Japan's government was 【opposed】 to America's trade policy for some products.
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                          Sooner or later their manufacturing sector would lose their competitive 【edge】.

                          Sooner or later their manufacturing sector would lose their competitive 【edge】.
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                            Such projects are not favored by foreign consultants as the profit margins are 【thin】.

                            Such projects are not favored by foreign consultants as the profit margins are 【thin】.
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                              The Uruguay Round would raise global welfare by more than 100 billion a year, and 【spur】 world economic growth.

                              The Uruguay Round would raise global welfare by more than 100 billion a year, and 【spur】 world economic growth.
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