In the two years since the housing bust started in earnest, the contraction in homebuilding has taken around one percentage point a year of GDP growth.
在
市泡沫破裂正式开始以来的两年中,住
建筑业的衰退使GDP年增长率每年大约减

百分点。
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国
故
One possibility is that modern economies are less sensitive to interest-rate changes, owing to a decline in capital-intensive industries such as housebuilding and manufacturing, which require businesses to borrow large sums in order to invest.
一种可能性是, 现代经济体对利率变化不太敏感,这是由于
建筑和制造业等资本密集型行业
衰落,这些行业需要企业借入大量资金进行投资。