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Business English Exercises
 

An economic profile of the Pacific Rim

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Home > Teaching Business English > Business English Lessons, Advanced Level # 195
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James V. Koch, in Business Horizons (March 1989), explains that it is now commonplace to talk of the Asian economic miracle, a phenomenon that has provided certain countries with the highest real rates of economic growth and the most rapidly rising per capita incomes in the world.

Correct answer: (b) commonplace

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The beneficiaries of this miracle are only part of a larger, economically fertile area known as the Pacific Rim, and the World Bank predicts that the Pacific Rim will be the fastest growing region in the world over the next five years, averaging a real growth rate of 4.3 percent annually compared to an average of only 3.5 percent for all industrialized nations.

Correct answer: (c) fertile

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The Pacific Rim comprises a group of extremely diverse countries that are united by their common access to the Pacific Ocean and their export-oriented economies.

Correct answer: (c) comprises

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The United States and Japan dominate the Pacific Rim from an economic standpoint, while the economically immature People's Republic of China, by virtue of its more than one billion citizens, is a force of growing importance.

Correct answer: (d) virtue

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Together, these three countries constitute the economic giants of the region; by comparison, the remainder of the countries of the Pacific Rim are economic dwarfs.

Correct answer: (a) dwarfs

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Others in the region, the ASEAN group (Indonesia, Malaysia, the Philippines, Thailand, and Singapore), generally exhibit lower levels of per capita GDP than the NICs (Hong Kong, South Korea, and Taiwan) but are more fully integrated economically and have had high rates of economic growth in recent years.

Correct answer: (c) integrated

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The British Commonwealth nations of Australia, Canada, and New Zealand are prosperous in terms of their per capita incomes, although they have exhibited only modest rates of economic growth in recent years.

Correct answer: (d) modest

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The so-called 'Island Countries', such as Fiji, French Polynesia, Papua New Guinea, and Vanuatu, exhibit traditional native agrarian economies that are small in size and seldom based upon organized markets.

Correct answer: (a) agrarian

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Finally, the considerable physical presence of the Soviet Union, Southeast Asian states such as Vietnam, and Spanish-speaking Central and South American countries such as Mexico and Peru belies their relatively insignificant economic role in the area to date.

Correct answer: (c) belies

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There are surprisingly few common threads among the countries on the Pacific Rim; they are exceedingly diverse ethnically, politically, socially, religiously, and geographically.

Correct answer: (d) threads

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