Free «English for Specific Purposes» UK Essay Paper
The first interesting word in the article is GDP. It is an acronym for gross domestic product. GDP refers to all the finished products that are produced within a country’s border during a particular period. Most of the time, it is calculated on an annual basis, although estimates can be done biannually or quarterly. From the definition given, it is clear that the term is used as a noun. A developed country such as the United States, for example, tends to have a higher GDP than other less advanced counties. In the article, the term has been used as follows: “Britain’s economy performed far better than expected in after the Brexit vote with GDP growth falling to 0.5% from 0.7%” (Inman, 2016).
The next interesting vocabulary that can be found in the article is a referendum. This term refers to an event in a democratic society where the legislature pushes a single political issue to the electorate for the citizens to decide on it. Therefore, based on its definition, the word is a noun. It is a practice that is only conducted in democratic countries, where power rests in the hands of the citizens. In the article, the referendum in question took place in Britain and was referred to as Brexit. Depending on the nature of the poll, it may have devastating effects on the economy. In the article, the word has been used as follows: “Britain’s creative industries sailed through the uncertainty surrounding the referendum unscathed” (Inman, 2016).
Another important business term that has been used in the article is inflation. It is referred to as the rate at which the price of goods and services is increasing, thereby making the purchasing power of a certain currency to fall. Due to the nature of the term, inflation is a noun. The Central Bank of any country is given the task of ensuring that inflation does not rise too quickly by putting checks that reduce the money supply in circulation. The antonym of the word is deflation, and the government bank is empowered to ensure that this phenomenon does not take place. In the article, it is used as follows: “The 0.5% rise also beat the latest forecasts from Bank of England policymakers, who were predicting at the time of the August inflation report that third quarter growth would come in at 0.1%” (Inman, 2016).
Furthe, the term EU is another important vocabulary. It is an acronym for the European Union. The European Union is a union of 28 member states that are located in Europe and that have shared political and economic interests. The trading block is headquartered in Brussels, Belgium. Therefore, from the definition, it is clear that EU is a noun. Across the globe, the European Union is the most open partnership between member states, with the countries in question having almost open borders, meaning the movement of people and goods faces little restriction. The term has been used in the article regarding Britain’s economic reaction to their recent exit from the European Union. In the article, it is used as follows: “…the resilient post-referendum performance “does not say anything about the UK’s ability to perform outside of the EU”” (Inman, 2016).
The last word is pessimistic. It refers to a state where a person only sees the worst in any situation and expects nothing but negative outcomes. Based on the definition, the word is used as an adjective, since it adds to the description of a noun. The antonym of the word is optimistic. It refers to a situation where a person expects the best in life and only sees the positive aspects of various events. In the article, it is used to describe that the International Monetary Fund had wrong predictions on Britain’s financial situation if it left the EU.
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The first thing that can be learned from the text is that a country can survive on its own without being a member of a trading block. It is often believed that for a nation to enjoy success, it must be part of the open global market, which is achieved through market integration. It was believed that the United Kingdom would face a downturn if it decided to leave the EU, since a significant part of its revenue and finances were dependent on the open borders. However, the decision to leave the block did not lead to disastrous results, hence proving otherwise. Britain currently enjoys financial success, and it is predicted to have the highest growth rate of any of the countries in the G8. The reason behind this is the diversified economy, due to which the service sector grows dramatically even when other areas suffer.
Another lesson that can be learned from the article is thatt it is important for any country to have a diversified economy. After the Brexit decision had been made to leave the European Union, the country began to enjoy huge economic success. However, this was mainly due to the diverse nature of the country’s economy. Some sectors of the economy, such as construction, agriculture, and manufacturing, suffered greatly from the nation’s decision to leave the EU. However, since the country had other sectors of the economy, such as transport and communication, which grew at a tremendous rate during this period, it did not experience a financial crisis. The boom in these sectors of the economy ensured that the country’s economy was quite stable. It was a testament to the diverse nature of the UK’s economy since the failure of one sector does not mean that the country’s economy will fail.
The fact that the author believes that the economy has experienced growth is a fact. The reason behind this is that statistics backs the author’s claims. For instance, when he explains that the service industry has grown drastically, he compares the growth rate to what was seen in the fourth quarter of 2009, which was the last time it had reached such figures. In addition, the third quarter demonstrated considerable growth (2.2%), which was in stark contrast to what was seen in the second one (0.6%) (Inman, 2016). Therefore, the fact that the author can draw on facts to back his claim that Britain has experienced economic growth since leaving the European Union is a factual statement.
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However, one area that is entirely the author’s subjective opinion is the reason as to why the United Kingdom has experienced a positive growth after it had decided to leave the European Union. He believes that the reason why the economy has been able to grow at such a rate has been the consumers’ willingness to spend money after the leaving of the trading block coupled with the strengthening of the service industry. However, this is an opinion that is entirely being put forward by the writer. There is no way that he can prove that consumers spent more of their money on purchases following the exit from the European Union. It is a belief that is not supported by facts. The author does not provide statistics that indicates consumer consumption before and after Brexit took place. If he had done so, then it would not merely have been an opinion but a fact.
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