But this time round a slump would be unlikely to lead to a broader contagion, since it would be confined to private markets and a few large firms with strong balance-sheets.
词汇突破：
1. this time round 这一次(时间状语)
2. slump 经济衰退
3. contagion 影响
4. be confined to 局限于
5. strong balance-sheets 优良的资产负债表(财务状况良好)
主干识别：aslump would be unlikely to lead to a broader contagion
其他成分：since引导的原因状语从句since it would be confined to privatemarkets and a few large firms with strong balance-sheets构成。It指代slump，
参考译文：但这一次，经济衰退可能不会有大范围的影响，因为它将只局限于私 人市场和拥有漂亮资产负债表的几个大公司