2） 英译中：

　　Ladies and gentlemen,

　　The theme of my remarks today is policy challenges in responding to the global financial crisis. The sharp global contraction is affecting both advanced and developing countries. According to the IMF, output in advanced economies is expected to contract by 2 percent in 2009, a sharp downward revision from expectations just a couple of months ago. Growth prospects for emerging market and developing countries have been revised downward by a similar magnitude as advanced economies. Global GDP will decline this year for the first time since World War II, with growth at least 5 percentage points below potential. In responding to the global financial crisis, developing and emerging market countries will face three main policy challenges.

　　The first policy challenge is stabilization. Given the unprecedented severity of the crisis, the challenge for policymakers is to assess their ability to undertake countercyclical policies given the resources available to them as well as their institutional and administrative capacity to rapidly expand and adapt existing programs. //

　　The second polity challenge is protecting longer-term growth and development. An important lesson learned during the Asian financial crisis in the 1990’s was that neglecting core development spending during a major crisis can have great long-term disadvantages. As we are responding to immediate fiscal pressures, we cannot reduce public spending on the maintenance of existing infrastructure essential for economic development. Otherwise, rehabilitation over the longer term can be costly and economic recovery held back.

　　The third policy challenge lies in protecting the vulnerable. The crisis is projected to increase poverty by around 46 million people in 2009. Inevitably, the crisis will impact social and human development objectives. This implies new spending needs and may warrant a re-prioritization of existing public spending. Critical to protecting people in poor and “at-risk” countries will be the ability of governments to finance programs that create jobs, ensure the delivery of core services, and provide safety nets. //

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