ESL WORKSHEET - Coronavirus and Finance

LESSON PLAN FOR ENGLISH TEACHERS

PANDEMIC MILLIONAIRES

LinguaHouse

Jul. 6, 2021

Level: Upper-Intermediate (B2-C1)
Type of English: Business English
Tags: Companies and Jobs; Coronavirus; Ethics and Conduct; Money and Finance; Society and Change; Article Based
Publication date: 07/06/2021

This lesson is based on a report that looks at the increase in people classed as "millionaires" during the Covid-19 pandemic, and an article on both the increase in the wealth of billionaires during the pandemic and the increase in the number of people who have fallen into poverty. Exercises focus on related vocabulary, listening and reading skills, and listening and reading comprehension. Students will have the opportunity to discuss and write an essay about the issues raised in the lesson (by Joe Wilson).

Note: this lesson can take 60-90 minutes.

• CLICK HERE to download the student’s worksheet (American English).
• CLICK HERE to download the student’s worksheet (British English).
• CLICK HERE to download the teacher’s lesson plan (American English).
• CLICK HERE to download the teacher’s lesson plan (British English).
• CLICK HERE to listen to/download the American English audio (MP3).
• CLICK HERE to listen to/download the British English audio (MP3).

TRANSCRIPT (American English)

Research by the global investment bank, Credit Suisse, has revealed that 5.2 million people became millionaires around the world during the Covid-19 pandemic, taking the total number worldwide to 56.1 million people.
This increase in wealth was largely down to rocketing house prices and the recovery of the stock market.
The research found that government support programs together with low-interest rates had been responsible for transferring a great deal of wealth from the public sector to the household sector. This, in turn, reduced household debt significantly.
According to the report, during 2020, the number of people around the world with assets greater than $30 million grew by 24% - a rate of increase not seen since 2003. The total increase in global wealth was 7.4%.
A spokesperson for Credit Suisse said that governments providing financial support for individuals and businesses adversely affected by the pandemic and banks lowering interest rates was undoubtedly the reason why we have not seen a global financial crisis.
However, she did warn that there had also been negative consequences, pointing to a serious increase in public debt around the world.
The report highlights that in some countries, public debt has seen an increase of around 20% or more relative to GDP.
While countries such as Switzerland, Australia, and Sweden have seen a significant increase in wealth per adult during 2020, countries such as Saudi Arabia, Chile, and the United Arab Emirates have seen a reduction. This could result in problems for the global economy in the future.

Adapted from: https://www.linguahouse.com/esl-lesson-plans/business-english/pandemic-millionaires. Accessed on January 18, 2022. LinguaHouse.com © 2008 - 2022. All rights reserved.