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 Canada, the United Kingdom, and the United States and growth rates slowed in continental Europe and Japan. In important respects, the slowdown was different from those that occurred during the 1970s and 1980s. Rather than reflecting the effect of disinflationary policies, weakness in demand was more closely related to the loss of momentum that had built up during the long period of expansion that began in 1983. In addition, a common factor underlying the slowdown in many industrial countries was the cyclical deceleration in investment spending.What was a common factor underlying the slowdown in many industrial countries?

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 countries that are not, he said. "This is not what the founding fathers had in mind." Hints of a potential rupture are already apparent in the strained relations between Germany and southern EU members. While many Germans fear the inclusion of the lira and the peseta will produce a weak euro, leaders of Italy, Spain and Portugal have stepped up their campaign to join monetary union at the outset.

Their tax rates【jumped】 from 21% to 36%.

Supply and demand on the currency market will generally 【balance】.

A major 【objective】 of the govemment is to increase the proportion of industrial exports.

Imports of capital and consumers goods are exempted from customs duties, and 【uniform】 15% income-tax rate is applied.

In the United States, women were first 【granted】 the right to vote on August 18, 1920.

After World War the United States emerged as the 【dominant】 industrial power in the world.

【Aggregate】 demand is the overall value of planned expenditures in an economy.

The Gulf crisis had severely 【adverse】 effects on the economies of Middle Eastern countries.