High Oil Prices To Hit Global Growth

November 2005
Asia Monitor: South East Asia Monitor Volume 1;Nov2005, Vol. 16 Issue 11, p1
Country Report
Country Report
The article focuses on the impact of increase in the oil prices on the world economy. The price of oil reached a new all-time high in early September, when the price of a barrel of crude rose to U.S.$70 per barrel. Oil price shocks would normally affect macroeconomic performance through a number of channels. Higher oil prices transfer income from oil-importing countries to oil-exporting countries through a shift in the terms of trade. This results in a loss of real income for oil-importing countries. Higher prices also directly increase inflation via higher prices of imported goods and petroleum products.


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