Oil price hike will cut Asian growth, trigger inflation: ADB economist
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Higher oil prices, if sustained, could sharply cut economic growth in Asia and trigger sharp rises in inflation and interest rates, according to the chief economist of the Asian Development Bank (ADB).
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European Central Bank president Jean-Claude Trichet warned on Thursday that persistent high oil prices could stoke inflation and undermine an already slow economic recovery in the eurozone.
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The world will be living with volatile oil prices for years to come, but this year's price spike should not be serious enough to push the country into a recession, Federal Reserve Chairman Alan Greenspan said Friday.
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Rising oil prices will weigh on U.S.  economic growth but the increases seen so far will not derail  the expansion and need not fuel a troubling inflation, Federal  Reserve Board Governor Ben Bernanke said on Monday.
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The head of the Asian Development Bank warns of a widening poverty gap in Asia's fast growing economies.
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Asian share markets, already ragged after five months of turmoil, fell deeper on Monday as rising U.S. inflation and high oil prices fanned concerns the Federal Reserve may be unable to make deeper rate cuts to prevent a possible recession.
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In another report, import prices excluding petroleum posted the largest increase in 10 months, a possible early warning on inflation from the weaker dollar.
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The Asian Development Bank (ADB) sharply lowered its economic growth forecast for Korea for this year and the next, lowering its outlook from 4.8 percent to 4.4 percent for this year and from 5.2 percent to 3.6 percent for next year.
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The European Central Bank president warns that rising inflation fuelled by oil prices remains a concern.
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Oil prices hit record highs on  Thursday, fueling gains in some energy stocks, but fears that  high power costs will dent household incomes, raise firms'  expenses and hurt global growth weighed on Asian share markets.
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Record high oil prices will cut euro zone growth next year and further sharp euro gains could make matters worse, the European Commission said on Tuesday.
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WASHINGTON - This year's surge in energy prices is likely to have far less of an impact on the economy than the oil shocks of the 1970s, Federal Reserve Chairman Alan Greenspan said Friday.    Greenspan predicted that the global economy will adjust to the recent surge in prices, which has seen oil topping $50 per barrel, by boosting energy exploration and production and by increasing fuel efficiency...
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The Indian central bank warns that drought and the high global price of oil may force it to lower its GDP forecasts.
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The International Monetary Fund warns that rising oil prices might slow down worldwide economic growth.
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The European Central Bank lowered its 2005 growth forecast and raised its inflation estimate for the 12 nations sharing the euro, after oil prices rose to records this year, said a person familiar with the matter.
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Local analysts said the jump in world oil prices, if sustained, could push up petrol prices another 42c/l in coming months, boosting inflation and slowing down spending in the economy.
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The higher inflation rate was the result of a surge in oil prices early this year. Oil prices have since leveled off, allowing the inflation rate to return to more modest levels.