[Annotated] The next recession

Toxic politics and constrained central banks^[각주:1] could make the next downturn^[각주:2] hard to escape^[각주:3]

Just a year ago world was enjoying a synchronized^[각주:4] economic acceleration^[각주:5]. In 2017 growth rose in^[각주:6] every big advanced economy except^[각주:7] Britain, and in most emerging ones^[각주:8]. Global trade was surging^[각주:9] and America booming^[각주:10]; China's slide into^[각주:11] deflation^[각주:12] had been quelled^[각주:13]; even the euro zone was thriving^[각주:14]. In 2018 the story is very different. This week stockmarkets tumbled across the globe^[각주:15] as investors worried, for the second time this year, about slowing growth^[각주:16] and the effects of tighter American monetary policy^[각주:17]. Those fears are well-founded^[각주:18]. 

The world economy's problem in 2018 has been uneven^[각주:19] momentum^[각주:20]. In America President Donald Trump's tax cuts^[각주:21] have helped lift annualized^[각주:22] quarterly growth^[각주:23] above 4%. Unemployment is at its lowest since 1969. Yet the IMF thinks growth will slow this year in every other big advanced economy. And emerging markets are in trouble^[각주:24]. 

This divergence between America and the rest^[각주:25] means divergent monetary policies^[각주:26], too. The Federal Reserve has raised interest rates^[각주:27] eight times since^[각주:28] December 2015. The European Central Bank (ECB) is still a long way from its first increase^[각주:29]. In Japan rates are negative^[각주:30]. China, the principal target of^[각주:31] Mr Trump's trade war, relaxed monetary policy this week in response to^[각주:32] a weakening economy^[각주:33]. When interest rates rise in America but nowhere else, the dollar strengthens^[각주:34]. That makes it harder for emerging markets to repay their dollar debts^[각주:35]. A rising greenback has^[각주:36] already helped propel Argentina and Turkey into trouble^[각주:37]; this week Pakistan asked the IMF for a bail-out^[각주:38]. 

Emerging markets account for 59% of the world's output^[각주:39] (measured by purchasing power^[각주:40]), up from 43% just two decades ago, when the Asian financial crisis hit. Their problems could soon wash back onto America's shores^[각주:41], just as Uncle Sam's domestic boom starts to peter out^[각주:42]. The rest of the world could be in a worse state by then^[각주:43], too, if Italy's budget^[각주:44] difficulties^[각주:45] do not abate^[각주:46] or China suffers a sharp slowdown^[각주:47]. 

Cutting-room^[각주:48] floors^[각주:49] 

The good news is that banking systems are more resilient than^[각주:50] a decade ago, when the crisis struck. The chance of a downturn as severe as^[각주:51] the one that struck then is low. Emerging markets are inflicting losses on investors^[각주:52], but in the main^[각주:53] their real economies seem to be holding up^[각주:54]. The trade war has yet to cause serious harm^[각주:55], even in China. If America's boom gives way to^[각주:56] a shallow^[각주:57] recession^[각주:58] as fiscal^[각주:59] stimulus^[각주:60] diminishes^[각주:61] and rates rise, that would not be unusual after a decade of growth. 

Yet this is where the bad news comes in. As our special report this week sets out^[각주:62], the rich world in particular is ill-prepared to deal with^[각주:63] even a mild recession^[각주:64]. That is partly because the policy arsenal is still depleted from^[각주:65] fighting the last downturn. In the past half-century^[각주:66], the Fed has typically cut interest rates by five or so percentage points in a downturn. Today it has less than half that room before it reaches zero; the euro zone and Japan have no room at all. 

Policymakers^[각주:67] have other options, of course. Central banks could use the now-familiar policy of quantitative easing (QE)^[각주:68], the purchase of securities with newly created central-bank reserves^[각주:69]. The efficacy of^[각주:70] QE is debated^[각주:71], but if that does not work, they could try more radical, untested approaches^[각주:72], such as giving money directly to individuals. Governments can boost spending^[각주:73], too. Even countries with large debt burdens^[각주:74] can benefit from fiscal stimulus during recessions^[각주:75]. 

The question is whether using these weapons is politically acceptable. Central banks will enter the next recession with balance-sheets that^[각주:76] are already swollen by historical standards - the Fed's is worth 20% of GDP. Opponents of QE^[각주:77] say that it distorts markets and inflates asset bubbles^[각주:78], among other things. No matter that these views are largely misguided^[각주:79]; fresh bouts of^[각주:80] QE would attract even closer scrutiny than last time. The constraints are particularly tight in the euro zone, where the ECB is limited to buying 33% of any country's public debt. 

Spending ceilings^[각주:81]

Fiscal stimulus would also attract political opposition, regardless of the economic arguments. The euro zone is again the most worrying case^[각주:82], if only because Germans and other northern Europeans fear that they will be left with^[각주:83] unpaid debts^[각주:84] if a country defaults^[각주:85]. Its restrictions on^[각주:86] borrowing^[각주:87] are designed to restrain profligacy^[각주:88], but they also curb the potential for stimulus^[각주:89]. America is more willing to spend, but it has recently increased its deficit to over 4% of GDP with the economy already running hot. If it needs to widen the deficit^[각주:90] still further^[각주:91] to counter a recession^[각주:92], expect a political fight.

Politics is^[각주:93] an even greater obstacle to international action. Unprecedented cross-border^[각주:94] co-operation^[각주:95] was needed to fend off the crisis in^[각주:96] 2008. But the rise of populists will complicate the task of working together^[각주:97]. The Fed's swap lines with other central banks^[각주:98], which let them borrow dollars from America, might be a flashpoint^[각주:99]. And falling currencies may feed trade tensions^[각주:100]. This week Steve Mnuchin, the treasury secretary^[각주:101], warned China against^[각주:102] "competitive devaluations^[각주:103]". Mr Trump's belief in the harm caused by trade deficits^[각주:104] is mistaken when growth is strong. But when demand is short, protectionism is a more tempting way to^[각주:105] stimulate the economy.

Timely action^[각주:106] could avert some of these dangers^[각주:107]. Central banks could have new targets that make it harder to oppose action during and after a crisis. If they established^[각주:108] a commitment ahead of^[각주:109] time to make up lost ground when^[각주:110] inflation undershoots^[각주:111] or growth disappoints, expectations of a catch-up boom^[각주:112] could provide an automatic stimulus in any downturn. Alternatively^[각주:113], raising the inflation target today could over time^[각주:114] push up interest rates^[각주:115], giving more room for rate cuts. Future fiscal stimulus could be baked in now by increasing the potency of^[각주:116] "automatic stabilizers" - spending on unemployment insurance, say, which goes up as economies sag. The euro zone could relax its fiscal rules to allow for more stimulus. 

Pre-emptive action^[각주:117] calls for initiative from^[각주:118] politicians, which is conspicuously absent^[각주:119]. This week's market volatility^[각주:120] suggests time could be short. The world should start preparing now for the next recession, while it still can. 

1. constrained ; [형용사] (격식) 부자연스러운; 강요된 ;; [ADJ] embarrassed, unnatural, or forced [본문으로]
2. downturn ; [주로 단수로] ~ (in sth) (매출 등의) 감소[하락]; (경기) 하강[침체] ; 반의어 upturn ;; [NOUN] If there is a downturn in the economy or in a company or industry, it becomes worse or less successful than it had been. [본문으로]
3. escape ; [자동사] 1. 달아나다, 도망하다, 탈출하다 ((from, out of)), 도피하다 ((from)) ; 참조 escaped ;; [타동사] 1. <추적·위험·재난 등을> (미연에) 벗어나다, 면하다, 잘 피하다(avoid) [본문으로]
4. synchronize ; [자, 타동사] ~ (sth) (with sth) 동시에 발생하다[움직이다]; 동시에 발생하게[움직이게] 하다 ;; [VERB] If you synchronize two activities, processes, or movements, or if you synchronize one activity, process, or movement with another, you cause them to happen at the same time and speed as each other. [본문으로]
5. acceleration ; 1. [U, sing.] ~ (in sth) 가속 ;; [NOUN] [oft N of/in n] The acceleration of a process or change is the fact that it is getting faster and faster [본문으로]
6. growth ; 3. [U] (경제의) 성장 [본문으로]
7. advanced economies ; (경제) 선진경제권(先進經濟圈) [본문으로]
8. emerging ; [형용사] 최근 생겨난, 최근에 만들어진 [본문으로]
9. surge ; 3. [자동사] (물가수익 등이) 급등[급증]하다 ; 참조 [명사] upsurge [본문으로]
10. booming ; 꽝[쿵] 하고 울리는; 벼락 경기의, 폭등하는; 인기 상승의; 급속히 발전하는. [본문으로]
11. slide ; [명사] 1. [C, 주로 단수로] (더 낮은나쁜 상태로) 떨어짐[빠져듦]; 하락 [본문으로]
12. deflation ; [U] 1. (경제) 디플레이션, 물가 하락, 통화 수축 ;; [NOUN] Deflation is a reduction in economic activity that leads to lower levels of industrial output, employment, investment, trade, profits, and prices. [본문으로]
13. quell ; 1. (반란 등을) 가라앉히다, 진압하다, 평정하다(suppress, quench, vanquish). ;; 2. (감정·공포심 등을) 억누르다, 진정하다, 완화시키다(repress, allay). ;; 미국∙영국 [kwel] [본문으로]
14. thriving ; [형용사] 1. 번성[번영]하는, 번화한; 성대한 [본문으로]
15. tumble ; 2. [자동사][V] ~ (down) 폭삭 무너지다, 크게 추락하다 ; 참조 tumbledown ;; 3. [자동사][V] (가치가격 등이) 빠르게 하락하다[폭락하다] [본문으로]
16. slowing ; [형용사] 더딘 [본문으로]
17. (a) monetary policy ; 통화[화폐] 정책 ;; 금융 정책, 재정 정책 [본문으로]
18. well-founded ; [형용사] 기초가 튼튼한; 사실에 입각한, 충분한 이유[근거]가 있는. [본문으로]
19. uneven ; 2. 불규칙한, 고르지 않은 ; 변하기 쉬운. ;; 3. 공정하지 않은(unfair). ;; 4. 균형이 잡히지 않은, 한결같지 않은 ; 질이 같지 않은, 고르지 못한 [본문으로]
20. momentum ; [U] 1. (일의 진행에 있어서의) 탄력[가속도] ;; [NOUN] If a process or movement gains momentum, it keeps developing or happening more quickly and keeps becoming less likely to stop. [본문으로]
21. tax cut ; 감세(減稅) [본문으로]
22. annualized ; [형용사] (전문 용어) 연간으로 환산한 [본문으로]
23. lift ; 10. (양수준을) 올리다, 인상하다; 올라가다, 인상되다 [본문으로]
24. be in trouble[difficulties] ; 어려운 상황에 처하다 [본문으로]
25. a divergence between ; …사이의 차이[상이점]. [본문으로]
26. divergent ; 1. 분기하는; 갈라지는(opp. convergent); (관습 등에서) 일탈한 ;; 2. <의견 등이> 다른 ;; [ADJ] Divergent things are different from each other. [본문으로]
27. interest rates ; [명사] 금리 [본문으로]
28. raise ; 3. [타동사][VN] ~ sth (to sth) (양수준 등을) 올리다[인상하다/높이다] [본문으로]
29. be a long way from ; …에서 멀리 떨어져 있다; …와 거리가 멀다, 판이하다 [본문으로]
30. rates ; [명사] 이율, 금리 ;; [NOUN:PLURAL] (in some countries) a tax levied on property by a local authority [본문으로]
31. principal ; [형용사] [명사 앞에만 씀] 주요한, 주된 [본문으로]
32. in response (to) ; (~에) 응하여, 대응하여 [본문으로]
33. a weakening economy ; 약세를 보이고 있는 경제 [본문으로]
34. strengthen ; [자동사] 강해지다, 강화되다, 튼튼해지다, 증강되다 [본문으로]
35. repay ; 1. [타동사] ~ sth (to sb) | ~ (sb) (sth) (빌린 돈을) 갚다[상환하다] [본문으로]
36. greenback ; 1. [미·속어] 달러 지폐 ((미국 정부 발행의 법정 지폐; 뒷면이 녹색인 데서 유래)) ;; (greenbacks) 《美속어》 돈(money) ; long green [본문으로]
37. propel ; 2. [타동사][+ adv. / prep.] (사람을 특정한 방향·상황으로) 몰고 가다 ; 참조 propulsion ;; [VERB] To propel something in a particular direction means to cause it to move in that direction. [본문으로]
38. bailout ; [명사] (심각한 재정 위기에 처한 기업·국가 등에 대한) 긴급 구제 ;; 낙하산으로의 탈출 [본문으로]
39. output ; [U, C] 1. (경제) 생산, 산출; (일정 기간 중의) 생산량[고]; (광산 따위의) 산출량[물]. [본문으로]
40. purchasing power ; [U] 1. 구매력(개인이나 단체가 어떤 재화나 용역을 살 수 있는 재력) ;; 2. 구매력(한 단위의 통화가 여러 가지 재화나 용역을 살 수 있는 재력) ;; [NOUN] The purchasing power of a currency is the amount of goods or services that you can buy with it. [본문으로]
41. wash ; 4. [자, 타동사][usually + adv. / prep.] (물이) 밀려오다; (…을) 쓸고[휩쓸고] 가다 [본문으로]
42. peter out ; 점차 작아지다[조용해지다 등] ;; to decrease or fade gradually before coming to an end [본문으로]
43. by then ; 그때까지는 [본문으로]
44. budget ; 1. [C, U] 예산, (지출 예상) 비용 ;; 2. (英 또한 Budget) (정부회사 등의) 예산(안) [본문으로]
45. difficulty ; 1. [C, 주로 복수로, U] 어려움, 곤경, 장애 [본문으로]
46. abate ; 1. <세력·심한 정도가> 줄다, 덜어지다; 경감되다, <홍수가> 잦아들다, <열이> 내리다, <비바람이> 자다 ; 유의어 decrease [본문으로]
47. slowdown ; [명사] 3. 경제 성장의 둔화, 경기 후퇴 ;; [NOUN] A slowdown is a reduction in speed or activity. [본문으로]
48. cutting room ; (영화의) 편집실 [본문으로]
49. floor ; 5. (증권 거래소 따위의) 입회장; (영화·TV의) 촬영소, 스튜디오; (공장·소매점 등) 제조소, 매장. [본문으로]
50. resilient ; 1. (충격·부상 등에 대해) 회복력 있는 [본문으로]
51. chance ; 1. [C, U] ~ of doing sth | ~ that… | ~ of sth happening | ~ of sth (특히 원하는 일이 일어날) 가능성 ;; 3. [C] 위험(성) [본문으로]
52. inflict losses on ; …에게 손해를 끼치다. [본문으로]
53. in[for] the main ; 대부분[대체로] ;; mostly; on the whole [본문으로]
54. hold up ; 견디다 ;; to remain healthy, in good condition or working effectively, especially when there are difficulties [본문으로]
55. cause harm ; 해가 되다, 손해를 끼치다. [본문으로]
56. give way to ; 1. (특히 감정에) 못 이기다[무너지다] ;; …에 굽히다. [본문으로]
57. shallow ; (shallow·er; shallow·est) 1. 얕은(<반의어> deep). [본문으로]
58. recession ; 1. [C, U] 경기 후퇴, 불경기, 불황 ; depression [본문으로]
59. fiscal ; 1. 국고의, 국고 수입의. [본문으로]
60. stimulus ; (pl. stim·uli[-laɪ]) (~ (to/for sth) | ~ (to do sth)) 1. [주로 단수로] 자극제, 자극[고무/격려](이 되는 것) [본문으로]
61. diminish ; 작아지다, 감소[축소]하다; 끝이 가늘어지다. ;; [VERB] When something diminishes, or when something diminishes it, it becomes reduced in size, importance, or intensity. [본문으로]
62. set out ; 2. (말·글로 조리 있게) ~을 제시하다 [본문으로]
63. ill-prepared ; [형용사] 1. ~ (for sth) (특히 예상을 하지 못해서) 준비[대비]가 안 된 [본문으로]
64. mild recession ; (경제) 마일드리세션, 완만한 경기침체를 이르는 용어 ;; 경기후퇴(리세션)는 분기별 경제성장률이 연속적으로 마이너스 성장을 기록하는지, 아닌지에 따라 몇 가지 유형으로 나눌 수 있다. 분기마다 경제성장률이 2분기 연속으로 마이너스 성장을 보이는 상태를 리세션(recession)이라 하고, 마이너스와 플러스 성장을 번갈아 가면서 불안정한 성장률을 보이는 상태를 마일드리세션(mild recession)이라 한다. 마일드리세션은 리세션의 전 단계라 할 수 있다. 또한 마일드리세션은 경기가 완만하게 후퇴하는 것으로, 완만한 경기침체시기 동안 재투자가 이뤄질 경우 추후 경기회복으로 진행될 수 있다. 이에 반해 연속적으로 마이너스 성장을 보이는 상태에서 침체시기에 재투자가 이행되지 않아 침체 이후 다시 침체에 빠져드는 것을 딥리세션(deep recession)이라 한다. [본문으로]
65. deplete ; [타동사][VN] [주로 수동태로] (남아 있는 것이 충분하지 않을 정도로) 대폭 감소시키다[격감시키다] ;; [VERB] To deplete a stock or amount of something means to reduce it. [본문으로]
66. half-century ; 1. 반세기 (50년) [본문으로]
67. policymaker ; [명사] 정책 입안자[담당자] ;; [NOUN] In politics, policymakers are people who are involved in making policies and policy decisions. [본문으로]
68. quantitative easing ; [U] (약어:QE) 양적 완화(중앙은행에서 신규로 대량의 화폐를 공급하는 것) ;; [NOUN] the practice of increasing the supply of money in order to stimulate economic activity [본문으로]
69. bank reserves ; [명사] 은행 지급 준비금. [본문으로]
70. efficacy ; [U] (격식) (특히 약이나 치료의) 효험 ; 유의어 effectiveness ;; 미국∙영국 [ˈefɪkəsi] [본문으로]
71. debate ; [타동사] 1. …을 토의[논의]하다. ;; 2. …에 대해 논쟁하다. ;; 3. …을 숙고하다, 숙의하다. [본문으로]
72. untested ; [형용사] 검증되지 않은 ;; 시험 되지 않은, 실지로 입증되지 않은 ;; [ADJ] If something or someone is untested, they have not yet been tried out or have not yet experienced a particular situation, so you do not know what they will be like. [본문으로]
73. boost spending ; 지출을 늘리다. [본문으로]
74. debt burden ; [NOUN] A debt burden is a large amount of money that one country or organization owes to another and which they find very difficult to repay. [본문으로]
75. fiscal stimulus ; An increase in public spending or a reduction in the level of taxation that might be performed by a government in order to encourage and support economic growth. Most government bailout packages offered to various business types can be considered a form of fiscal stimulus. [본문으로]
76. balance sheet ; [NOUN] A balance sheet is a written statement of the amount of money and property that a company or person has, including amounts of money that are owed or are owing. Balance sheet is also used to refer to the general financial state of a company. [본문으로]
77. opponent ; 2. ~ (of sth) (…에 대한) 반대자 ;; 미국식 [əˈpoʊ-] 영국식 [əˈpəʊnənt] [본문으로]
78. asset bubble ; An asset bubble is when the price of an asset, such as housing, stocks or ​gold, become over-inflated. Prices rise quickly over a short period. They are not supported by an underlying demand for the product itself. It's a bubble when investors bid up the price beyond any real sustainable value. These price spikes often occur when investors all flock to a particular asset class, such as the stock market, real estate or commodities. Such a bubble is also called asset inflation. [본문으로]
79. misguide ; [타동사] 그릇되게 지도하다, 잘못 이끌다(mislead); 잘못 인식시키다 ((about)) [본문으로]
80. bout ; 1. ~ (of sth/of doing sth) 한바탕, 한차례 ;; 2. ~ (of sth) 병치레, (병을) 한바탕 앓음 ;; 미국∙영국 [baʊt] [본문으로]
81. ceiling ; 2. …의 최대 한계[상한] ; 참조 floor [본문으로]
82. worrying ; [형용사] 걱정스러운, 걱정되는, 우려되는 [본문으로]
83. be left with ; 1. (감정 따위를) 계속 지니다; (책임 따위가) 맡겨지다 [본문으로]
84. unpaid ; 1. <빚·어음 등을> 지불하지 않은, 미납의 [본문으로]
85. default ; 1. [자동사] ~ (on sth) (특히 채무를) 이행하지[변제하지] 않다, 체납하다 ;; [VERB] If a person, company, or country defaults on something that they have legally agreed to do, such as paying some money or doing a piece of work before a particular time, they fail to do it. [본문으로]
86. restriction ; 1. [C] ~ (on sth) (법률·규칙을 통한) 제한[규제] [본문으로]
87. borrowing ; 1. [C, U] 대출 [본문으로]
88. profligacy ; [U] [경멸적] 방탕, 난봉; 낭비; 대량, 풍부. ;; [NOUN] Profligacy is the spending of too much money or the using of too much of something. ;; 미국식 [prɑ́fliɡəsi] 영국식 [prɔ́f-] [본문으로]
89. curb ; [타동사][VN] (특히 좋지 못한 것을) 억제[제한]하다 ; 유의어 check [본문으로]
90. deficit ; 1. (경제) 적자 ; 참조 surplus [본문으로]
91. widen ; 2. (정도·범위 등이) 커지다[확대되다]; 키우다[확대하다] [본문으로]
92. counter ; 2. [타동사][VN] (무엇의 악영향에) 대응하다 ; 유의어 counteract [본문으로]
93. politics ; 1. [단수 취급] (학문·기술로서의) 정치, 정치학 ;; 2. [단수·복수 취급] (실제적·직업적) 정치, 정치 운동[활동]; 정책, 정략; 책략, 흥정; (당파적·개인적) 이해, 동기, 목적 [본문으로]
94. cross-border ; [형용사] (명사 앞에만 씀) 국경을 넘는 [본문으로]
95. cooperation ; [U] 1. ~ (with sb) (in doing sth) | ~ (between A and B) 협력, 합동, 협동 ;; 2. 협조 [본문으로]
96. fend off ; [동사] (칼 끝, 공격 등을) 받아넘기다, 막아내다, 피하다. ; 유의어 ward off, resist, defend. [본문으로]
97. complicate ; [타동사][VN] (더) 복잡하게 만들다 [본문으로]
98. swap arrangement ; (국제금융) 스왑 협정, 스왑 결정 유의어 reciprocal currency arrangement, swap line ; [HELP] 2국의 중앙은행간에 자국통화의 예탁과 인출에 상대국 통화의 융통을 받아들이는 결정 [본문으로]
99. flashpoint ; [C, U] 일촉즉발의 상황; (비유적) 화약고 ;; [NOUN] A flashpoint is the moment at which a conflict, especially a political conflict, suddenly gets worse and becomes violent. [본문으로]
100. feed ; 4. [눈·귀 따위]를 즐겁게 하다; 〔허영심 따위〕를 만족시키다; 〔질투 따위〕를 (…으로) 부추기다[with]. [본문으로]
101. treasury secretary ; [명사] 재무 장관 (cf. the Treasury Department (미국) 재무부) [본문으로]
102. warn (a person) against ; ~에게 ~을 하지 않도록 조심시키다, 주의를 주다, 경고하다 [본문으로]
103. competitive devaluation ; 경쟁적 통화 평가 절하 ;; Currency war, also known as competitive devaluations, is a condition in international affairs where countries seek to gain a trade advantage over other countries by causing the exchange rate of their currency to fall in relation to other currencies. [본문으로]
104. trade deficit (trade gap) ; [명사] [주로 단수로] 무역 수지 적자 [본문으로]
105. tempting ; [형용사] 솔깃한, 구미가 당기는 [본문으로]
106. timely ; [형용사] 시기적절한, 때맞춘 ; 유의어 opportune ;; [ADJ] A timely event happens at a moment when it is useful, effective, or relevant. [본문으로]
107. avert ; 1. [타동사] 방지하다, 피하다 ; [VERB] If you avert something unpleasant, you prevent it from happening. [본문으로]
108. establish ; 4. <선례·습관·학설·기록·명성 등을> 수립[확립]하다; 정하다(settle) [본문으로]
109. commitment ; 3. [C] 약속(한 일); 책무 ;; 4. [U, C] ~ (of sth) (to sth) (돈·시간·인력의) 투입 [본문으로]
110. make (sth) up ; 5. (잃어버린) ~을 대신하다; ~에 대해 보상하다 [본문으로]
111. undershoot ; [자, 타동사] 1. (비행기가) (활주로까지) 미처 못 가다, (활주로) 못 미쳐서 착륙하다, 다른 비행기와 충돌하다. ;; 2. (목표에) 미치지[이르지] 못하다. [본문으로]
112. cat-up ; [U] 따라잡기, 만회 [본문으로]
113. alternatively ; [부사] 그 대신에, 그렇지 않으면(둘째 대안을 소개할 때 씀) ;; [ADV] You use alternatively to introduce a suggestion or to mention something different to what has just been stated. [본문으로]
114. over time ; 시간이 흐르면, 시간에 걸쳐, 시간 경과에 따라 [본문으로]
115. push up ; 2. [가격]을 올리다; [수량]을 늘리다 [본문으로]
116. potency ; [U, C] (pl. -ies) 힘, 잠재력; 권력, 권위; 세력; (약 따위의) 효험, 유효성, 능력 [본문으로]
117. preemptive ; 2. 선제의, 예방의. ;; 3. 우선권이 있는, 우선적[특권적]인. ;; [ADJ] A pre-emptive attack or strike is intended to weaken or damage an enemy or opponent, for example by destroying their weapons before they can do any harm. [본문으로]
118. initiative ; 3. 스스로의 책임있는 결정[결단]. [본문으로]
119. conspicuously ; [부사] 눈에 띄게, 두드러지게 [본문으로]
120. market volatility ; (증권) 시장 변동성 [본문으로]