Vocabulary:

venture capital – капитал, вкладываемый в проекты с повышенным уровнем риска, «венчурный», рисковый капитал

productivity –производительность труда

rapid productivity gains – быстрый рост производительности труда

TRANSLATION NOTES:

the New Economy - Новая экономика - термин обязан своим рождением сети Интернет и связанным с ним ожиданиями. Совокупность нескольких высокоэффективных подотраслей экономики, ориентированных на использование интеллектуальной составляющей общественного развития и базирующихся на передовых информационных технологиях, интернет-решениях: консалтинг, инновации, образование и др. Понятие активно используется с конца 1990-х гг.

There may be a downside to the New Economy, however. – Однако, не все так благополучно с Новой экономикой.

Такие вводные слова как therefore (поэтому) и however (однако) в английском языке гораздо чаще, чем в русском помещают в середине или даже в конце предложения. В русском языке они чаще ставятся в начале предложения, что следует учитывать при переводе.

downside – оборотная, непривлекательная сторона чего-либо

we argued that… - мы заявляли…мы утверждали, что…

Глаголы to argue, to claim, to contend, to maintain, to insist часто употребляются в значении утверждать, особенно в сочетании с that.

32. The Economy Is Too Darn Hot

Amid hot growth and rising inflation, there's growing risk that Spain's econo­my is overheating. August consumer prices rose 3.6% from the year before, matching July's four-year high and well above the 2.4% euro zone average.

The boom continued in the second quarter, as real gross domestic product grew 1% from the first quarter and 4.2% from the year before. Since mid-1997, growth has averaged 4.2% annually. The chief catalyst was a sharp fall in interest rates when Spain joined the single-currency system. Consumer spending and construction are particularly strong, and business investment in equip­ment is also up smartly.

The tripling in oil prices has fueled overall inflation across the euro zone. But in Spain, core infla­tion—excluding energy and food—is also rising. It stood at 2.7% in August, up from 2.5% in July, after staying stable for two years, a sign that broad price pressures are building.

Some of the pressure reflects the pass-through of higher energy prices. Some stems from the mix of strong demand and the weak euro, which is lifting import prices. The growing fear, though, is that higher inflation expectations are becoming em­bedded in the wage and price structure. Second-quarter wages rose only 2.5% from the year before. Some at­tempt to recoup lost buying power is showing up. All wage agreements in place in July had raises averaging 2.85%, but the new contracts call for 3.09%. Moreover, wages and pensions adjust upward automatically if in­flation exceeds the government's target. This year that target is 2%, already well out of reach.

Another worry is that higher inflation is eroding Spain's competitiveness, as seen in its widening trade gap. Booming tourism, about 10% of Spain's GDP, has not offset the growing deficit in merchandise, as imports have surged.

Anti-inflation efforts by the government include a faster pace of labor-market reform and deregulation of telecommunications and other utilities. Also, the Bank of Spain is trying to crimp credit growth by raising banks' loan-loss reserves. Still, with the government reluctant to tighten fiscal policy, the only remedy for overheating will most likely be a cooler pace of growth.