The topic of emerging markets’ influence on global finance has become increasingly prevalent in IELTS Writing Task 2 examinations. Based on analysis of past exam questions from 2019-2023, this theme appears in approximately 15% of economics-related tasks, particularly in questions about economic development and international trade. Similar topics like how peer-to-peer finance supports entrepreneurs are also common.
Sample Question Analysis
Some people believe that emerging market economies are becoming too influential in the global financial system. To what extent do you agree or disagree with this statement? Provide reasons and relevant examples to support your answer.
This question requires candidates to:
- Take a clear position on the statement
- Provide well-reasoned arguments
- Support with specific examples
- Consider multiple perspectives
- Link to broader economic impacts
The growing influence of emerging markets on global financial systems
Band 8 Sample Essay
The assertion that emerging markets are gaining excessive influence in global finance is, in my opinion, an oversimplification of a complex economic reality. While these markets have indeed grown significantly in power, their influence reflects natural economic evolution rather than an imbalance in the global financial system.
Firstly, the increasing prominence of emerging economies like China and India in global finance is a natural consequence of their economic development and market size. These nations now account for a substantial portion of global GDP and trade, making their financial influence both inevitable and justified. For instance, China’s status as the world’s second-largest economy naturally demands corresponding representation in global financial decision-making, similar to how how cryptocurrency challenges traditional financial systems.
Moreover, the growing influence of emerging markets has contributed positively to global financial stability. Their participation has diversified the global financial system, reducing over-reliance on traditional Western economies. During the 2008 financial crisis, emerging markets helped stabilize the global economy by maintaining growth when developed economies struggled, demonstrating the benefits of their increased influence.
However, this shift in financial power comes with its own set of challenges and responsibilities. Emerging markets must ensure transparency in their financial systems and maintain responsible economic policies to justify their growing influence. The integration of these markets into global finance, while beneficial, requires careful management to prevent systemic risks.
In conclusion, rather than viewing emerging markets’ growing influence as problematic, it should be seen as a natural and potentially beneficial evolution of the global financial system. The key lies in ensuring this influence develops within a framework of responsible governance and international cooperation.
Band 6.5 Sample Essay
I partially agree that emerging market economies are becoming too influential in global finance because while their growing power brings benefits, it also creates some problems for the world economy.
One advantage of emerging markets’ influence is economic growth. Countries like China and India help global trade grow bigger. They buy many products from other countries and sell their own goods worldwide. This helps create jobs and business opportunities in many places. Like the influence of artificial intelligence on job markets, emerging markets are changing how the world economy works.
However, there are some problems too. When big emerging economies have problems, it can affect many other countries. For example, if China’s economy slows down, many countries that sell things to China will have problems. Also, some emerging markets don’t follow the same rules as developed countries, which can cause unfair competition.
Another issue is that emerging markets sometimes use their economic power for political purposes. This can create tensions between countries and affect international relationships. But they also bring new ideas and ways of doing business that can help improve the global financial system.
In conclusion, while emerging markets’ growing influence has both positive and negative effects, it’s probably not too much influence but rather a natural change in the global economy that needs to be managed carefully.
Scoring Analysis
Band 8 Essay (Score: 8.0-8.5)
- Task Response: Clear position with sophisticated development
- Coherence & Cohesion: Logical organization with effective paragraphing
- Lexical Resource: Sophisticated vocabulary with natural usage
- Grammatical Range: Complex structures used accurately
Band 6.5 Essay (Score: 6.5-7.0)
- Task Response: Clear but simpler development
- Coherence & Cohesion: Basic organization with some logical progression
- Lexical Resource: Adequate but less sophisticated vocabulary
- Grammatical Range: Mix of simple and complex structures
Key Vocabulary
- prominence (n) /ˈprɒmɪnəns/ – the state of being important or famous
- systemic (adj) /sɪˈstɛmɪk/ – relating to a system, especially as opposed to a particular part
- diversified (adj) /daɪˈvɜːsɪfaɪd/ – having variety in business activities or investments
- integration (n) /ˌɪntɪˈɡreɪʃən/ – the process of combining things into one
- transparency (n) /trænsˈpærənsi/ – the quality of being done in an open way without secrets
Essential vocabulary for discussing emerging markets impact on global finance
Practice Suggestions
Consider practicing with these related topics:
- The role of digital currencies in emerging markets
- Impact of trade barriers on developing economies
- Environmental considerations in emerging market development
Share your practice essays in the comments section for feedback and discussion. Remember to focus on clear argument structure and relevant examples while maintaining appropriate academic tone.
