I
Lead-in.
1.
What
comes to your mind when you hear a word ‘recession’?
2.
Take
2 minutes to note down your associations. Compare your lists with other
students. What similarities do you have? What are the biggest differences?
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1.
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value
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A.
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the amount of money businesses and people have to pay to the
government
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2.
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to shrink
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B.
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powerful effect
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3.
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in a row
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C.
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a place where shares in companies are sold and bought
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4.
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debt
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D.
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to stop slowly
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5.
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to cripple
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E.
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price of something; how much money something is worth
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6.
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consumer
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F.
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money for defence, education, health
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7.
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to grind to a halt
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G.
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a number of times
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8.
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impact
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H.
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to damage something and make it ineffective
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9.
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currency
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I.
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to make something smaller
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10.
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to collapse
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J.
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sum of money someone has to pay back
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11.
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trigger
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K.
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client who buys things or services
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12.
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tax
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L.
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to become smaller
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13.
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to cut
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M.
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sudden fall in the value of business
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14.
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public spending
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N.
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return to the normal state after problems
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15.
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stock market
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O.
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to suddenly fall down
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16.
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crash
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P.
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a situation that causes something to start
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17.
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bounce back
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Q.
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a system of money used in a country
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III Vocabulary focus. Follow the
link below. Study the words and word combinations using flashcards, check your understanding, practise their spelling. Check your knowledge in the test. Play matching vocabulary game (match
words to their translations to make cards disappear) and save the planet from asteroids by typing in correct
words.
upset; recession; decades;
healthy; economize; economy; financial; homes; banks; shock; Germany
We’ve heard it mentioned more and more during
the coronavirus pandemic: 1) _______, severe recession, this is a recession,
recession, a recession. Experts think that many countries including the UK and
the US are in the midst of the worst recession seen in 2) _______. But what exactly does that mean and how could it affect
you?
When a country's economy is 3) _______, it grows over time. The
value of the goods and services it produces, its gross domestic product,
increases. And economic growth is good for most people. But an 4) _______can also shrink. A recession
is usually defined as when this happens for two- three month periods or
quarters in a row. The last time this happened in many countries was during the
global 5) _______crisis, which
started in 2007. In the UK that recession lasted longer than a year, and GDP
fell by an estimated 6 % over that time.
So why do recessions happen? There are
lots of reasons, and debt is one of them. It was the trigger for the global financial
crisis when lots of people in the United States couldn't keep up with payments
on their 6) _______. It led to huge
problems for 7) _______, which effectively
ran out of money to lend crippling businesses and banking systems not just in
America, but eventually around the world. A recession can also take place when
an economy suffers a sharp 8) _______,
like the coronavirus pandemic. Because of lockdown measures and consumer confidence
taking a hit, spending, travel, and investment have ground to a halt in a
number of countries including 9) _______, Europe’s biggest economy.
V Watch the video and choose the correct
word to complete the.
And the impact of a recession in one country can
quickly spread/dread/bred. Let’s take a look at the 1997 crisis in East
and Southeast Asia. It started out in Thailand, when the value of their currently/curate/currency,
the baht, collapsed. Investors and businesses lost confidence in the country,
and that spread to the rest of the region.
So what could a recession mean to you? Companies
are more likely to cut jobless/jobs/robs, and people staying
in work might have to accept pay cuts or reduced hours leaving them worse off
financially. The negative impact on job
prospects and pay/way/paid can last for years. And governments themselves can
get into a debt criticize/crisis/cried in a recession. As businesses and people
pay less tax, pressure can build to cut public spending and service. If a
recession carries on for a long time or it's particularly bad, it's known as a depressive/depressed/depression.
It’s a bit harder to define and it’s often associated with what's known as the Great
Depression in the 1930s. It started with
a stock market crash in the United States and spread. It lasted for about 10 years
and its impact was felt globalized/globally/globalists.
Now as economies suffer in countries around
the world, governments are preparing for what some have called ‘the crisis like
no other’. But we're in unknown territorial/terrorize/territory, and
nobody knows how strong or how quick a bounce back could be.
VI Watch two parts of the video and
answer the questions.
1. What is a recession?
2. When was the last
global recession?
3. Why do recessions happen?
4. What was the trigger
for the global financial crisis in 2007?
5. What are the possible
reasons for the recession linked to pandemic?
6.
What is Europe’s biggest economy? Germany is Europe’s biggest economy.
7. Can recession in one
country spread? What examples does the video give?
8. What could a
recession mean to people?
9. Will many people be
better off financially during the recession?
10.How long can the negative
impact on job prospects and pay can last?
11.Can governments
suffer because of recessions? What examples does the video give?
12.What is a depression
in economy?
13.When was the last depression
in global economy? Where did it start
and how long did it last?
14.
Do governments around the world know how long the recession caused by
pandemic will last?
VII OVER TO YOU.
Share your opinion: When were the past
recessions in your country? What helped your country to bounce back after the
recessions in the past? What strategies can your country try not to feel the negative
impact of global recession?
