In recent years, the topic of promoting economic resilience in a global economy has become increasingly prevalent in IELTS Writing Task 2 questions. This theme reflects the growing importance of understanding and addressing economic challenges in our interconnected world. Based on past exam trends and current global economic concerns, we can expect this topic to appear more frequently in future IELTS tests. Let’s examine a relevant question that has appeared in recent IELTS exams and analyze how to approach it effectively.
Some people believe that in order to improve economic resilience, countries should focus on developing a strong domestic market rather than relying on international trade. To what extent do you agree or disagree?
Analyzing the Question
This question addresses the debate between promoting domestic markets and engaging in international trade as strategies for economic resilience. It requires you to:
- Understand the concept of economic resilience
- Compare the benefits and drawbacks of focusing on domestic markets versus international trade
- Form an opinion on which approach is more effective for improving economic resilience
- Support your argument with relevant examples and reasoning
Sample Essay 1 (Band 8-9)
In an increasingly interconnected global economy, the question of how best to promote economic resilience has become a topic of intense debate. While some argue that countries should prioritize developing a strong domestic market, I believe that a balanced approach incorporating both domestic market development and international trade is crucial for true economic resilience.
Undoubtedly, a robust domestic market offers several advantages. It can provide a stable foundation for an economy, reducing vulnerability to external shocks and fluctuations in global markets. For instance, countries with strong internal consumption, like the United States, demonstrated greater resilience during the 2008 global financial crisis. Moreover, focusing on domestic markets can foster the growth of local industries and create jobs, contributing to overall economic stability.
However, relying solely on domestic markets can be limiting and potentially detrimental in the long run. International trade offers numerous benefits that are essential for economic resilience. Firstly, it allows countries to specialize in areas where they have a comparative advantage, leading to increased efficiency and productivity. For example, Japan’s focus on high-tech exports has been a key driver of its economic success. Secondly, international trade provides access to a wider range of resources, technologies, and ideas, which can spur innovation and economic growth. The rapid development of countries like South Korea and Singapore can be attributed, in part, to their openness to international trade and investment.
Furthermore, participation in the global economy can act as a buffer against domestic economic downturns. When one sector or region experiences difficulties, the ability to tap into international markets can help offset losses and maintain overall economic stability. This diversification of risk is a crucial aspect of economic resilience.
In conclusion, while developing a strong domestic market is important, true economic resilience in today’s world requires a balanced approach that embraces both domestic and international economic activities. Countries should strive to cultivate a robust internal market while simultaneously engaging in strategic international trade. This dual focus will enable nations to harness the benefits of globalization while maintaining a stable economic foundation, ultimately leading to greater resilience in the face of global economic challenges.
(Word count: 339)
Economic Resilience in Global Economy
Sample Essay 2 (Band 6-7)
In today’s world, countries are trying to find the best ways to make their economies stronger. Some people think that focusing on the local market is better than international trade. I partly agree with this idea, but I think both are important for a strong economy.
Developing a strong domestic market has several benefits. First, it can help create more jobs for local people. When local businesses grow, they need more workers, which is good for the economy. Also, a strong local market can protect a country from problems in other countries’ economies. For example, if there’s a global economic crisis, countries with strong local markets might not be affected as much.
However, international trade is also very important for economic strength. It allows countries to sell their products to more people around the world. This can bring in more money and help businesses grow bigger. Also, through international trade, countries can get resources and products that they can’t produce themselves. For instance, many countries need to import oil because they don’t have it in their own land.
Another advantage of international trade is that it can lead to more competition. When local businesses have to compete with foreign companies, they often become more efficient and innovative. This can result in better products and services for everyone.
I believe that the best approach is to focus on both the domestic market and international trade. Countries should try to develop their local industries and encourage people to buy local products. At the same time, they should also look for opportunities to trade with other countries. This balanced approach can help create a more resilient economy that can handle different challenges.
In conclusion, while developing a strong domestic market is important, international trade also plays a crucial role in economic resilience. Countries should aim to find a balance between the two to build a strong and stable economy that can withstand global economic pressures.
(Word count: 309)
Key Points to Remember When Writing
Structure: Both essays follow a clear structure with an introduction, body paragraphs discussing different aspects, and a conclusion. The Band 8-9 essay has more sophisticated paragraph transitions and a more nuanced argument.
Vocabulary: The Band 8-9 essay uses more advanced vocabulary and phrases (e.g., “interconnected global economy”, “comparative advantage”, “buffer against domestic economic downturns”), while the Band 6-7 essay uses simpler language but still maintains clarity.
Examples: Both essays provide examples to support their arguments, but the Band 8-9 essay offers more specific and varied examples (e.g., referencing the 2008 financial crisis, Japan’s high-tech exports, and the development of South Korea and Singapore).
Coherence: The Band 8-9 essay demonstrates stronger coherence with more complex linking words and phrases, creating a smoother flow of ideas.
Argument Development: The Band 8-9 essay presents a more nuanced argument, acknowledging the benefits of both approaches before concluding with a balanced view. The Band 6-7 essay also presents a balanced view but with less depth and sophistication.
Vocabulary to Remember
Economic resilience (noun) /ˌiːkəˈnɒmɪk rɪˈzɪliəns/ – The ability of an economy to withstand or recover quickly from shocks or crises.
Domestic market (noun) /dəˈmestɪk ˈmɑːkɪt/ – The market for goods and services within a country.
International trade (noun) /ˌɪntəˈnæʃənəl treɪd/ – The exchange of goods and services between countries.
Comparative advantage (noun) /kəmˈpærətɪv ədˈvɑːntɪdʒ/ – The ability of a country to produce a particular good or service at a lower opportunity cost than its trading partners.
Economic stability (noun) /ˌiːkəˈnɒmɪk stəˈbɪləti/ – A state of an economy characterized by low volatility and steady growth.
Diversification (noun) /daɪˌvɜːsɪfɪˈkeɪʃən/ – The practice of varying investments or business activities to spread risk.
Innovation (noun) /ˌɪnəˈveɪʃən/ – The introduction of new ideas, methods, or products.
Fluctuations (noun) /ˌflʌktʃuˈeɪʃənz/ – Irregular changes or variations in level or amount.
Vulnerability (noun) /ˌvʌlnərəˈbɪləti/ – The quality or state of being exposed to the possibility of being attacked or harmed.
Interconnected (adjective) /ˌɪntəkəˈnektɪd/ – Having all parts or elements logically or causally related.
In conclusion, promoting economic resilience in a global economy is a complex topic that requires a nuanced understanding of both domestic and international economic factors. As you prepare for your IELTS Writing Task 2, consider practicing with similar questions that explore the balance between local economic development and global economic integration. Some potential topics might include:
- The role of government intervention in promoting economic resilience
- The impact of technological advancements on economic stability in a global context
- The importance of sustainable practices in building long-term economic resilience
Remember to structure your essays clearly, use relevant examples, and demonstrate a balanced understanding of the issues. Feel free to practice writing an essay on the topic provided in this article and share it in the comments section for feedback and discussion. This active practice will help you improve your writing skills and prepare more effectively for the IELTS exam.
