WB says costly oil to slash RP economic growth by 1%
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HIGH oil prices will slash the countryâs economic growth by as much as 1 percent next year, the World Bank said Tuesday. In its latest East Asia Regional Economic Update
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The International Monetary Fund warns that rising oil prices might slow down worldwide economic growth.
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High global oil prices are likely to  ease to $56 a barrel in 2007 and fall further to just below $53  in 2008 as supplies increase and demand growth eases, the World  Bank said on Wednesday.
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Oil futures dropped by nearly $1 per barrel yesterday despite more sabotage of Iraqi oil infrastructure, reinforcing the view among traders that prices had risen too fast earlier this summer.
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The Organization of Petroleum Exporting Countries (OPEC) agreed Friday to reduce crude supplies by one million barrels a day from the beginning of next year to avoid further slide in oil prices.
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European Central Bank President Jean- Claude Trichet signaled the bank is likely to cut its forecast for 2005 economic growth as the increase in oil prices takes its toll on consumer spending and investment.
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OTTAWA (CP) - World economic growth will weaken next year if oil prices remain at record-high levels far into next year, the Conference Board of Canada says in its latest outlook report.
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A fifth year of powerful economic growth in East Asia and the Pacific has driven the number of people living in poverty in the region to its lowest level ever, but the World Bank warned Tuesday that oil prices could dampen the boom next year.
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The move threatens to slow the development of the largest oil find in the world in three decades.
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Fifteen months ago, key members of the Organization of the Petroleum Exporting Countries said that the steep price of oil, about $70 a barrel, was a concern because it might endanger global economic growth -- and stifle global demand for oil.
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A leading business group cut its 2005 forecast for British economic growth Thursday, blaming a combination of high oil and commodity prices, slowing global growth and domestic interest rate rises.
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Oil prices fell again on Tuesday, taking  U.S. crude below $53 a barrel, on signs that energy costs are  slowing the economic growth that drove this year's sharp  increase in world fuel consumption.
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Oil fell more than $1 a barrel on Wednesday after a U.S. government report showed larger than expected increases in crude and gasoline stockpiles in the world's top consumer.
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Oil futures prices fell Monday amid concerns about economic growth and on profit-taking ahead of the November contract's expiration
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The International Monetary Fund (IMF) yesterday cut its 2005 outlook and warned that the high price of oil threatened to curb global economic growth, which it said would be the strongest this year for almost 30 years.
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Record prices for oil are taxing the disposable income of US consumers and threatening to hinder economic growth, Treasury Secretary John Snow said.
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OPEC will increase its oil production target by 1 million barrels a day later this year in a move widely viewed as more symbolic than significant, given