TITLE

High Oil Prices To Hit Global Growth

PUB. DATE
November 2005
SOURCE
Asia Monitor: South East Asia Monitor Volume 1;Nov2005, Vol. 16 Issue 11, p1
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
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.
ACCESSION #
18611636

 

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