Oil crisis to cut Asia's 2004 GDP growth by 1 pct point: UN
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Soaring oil prices could shave as much as one percentage point from Asia's gross domestic product (GDP) growth this year, forcing the region to make painful adjustments, the United Nations said.
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The Organization for Economic Co-operation and Development (OECD) predicts global economic growth to be at 3.6% in 2004. The OECD lowered its forecast in the wake of a rise in oil prices and drop in consumer confidence.
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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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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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TOKYO: Rising oil prices are unlikely to deal a major blow to global economic growth although the trend may seem &quot;uncomfortable,&quot; a researcher with the International Monetary Fund says.
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China&#39;s economy will expand 8.8 per cent in 2004 and eight per cent in 2005, but growth next year may slow to 7.2 per cent if oil prices stay at around $40 a barrel, the Asian Development Bank said on Wednesday.
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Prospects for the global economy next year are growing dimmer as high oil prices hurt consumption and the unchecked rise in the United States trade deficit depresses the dollar
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As oil prices keep setting new record highs, there are growing concerns that Asia's energy-hungry economies can no longer continue absorbing the impact with crude creeping toward 60 dollars a barrel.
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Saudi Arabia cut oil exports to its three largest Asian customers by nearly 4 percent in the fourth quarter against the third, while Iranian shipments rose to near year-ago levels, calculations based on official data showed.
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RECORD oil prices are likely to depress growth in the 12-nation eurozone next year, the European Commission warned yesterday as crude stayed close to the all-time highs it hit on Monday.
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The head of the Organization of Petroleum Exporting Countries forecast on Monday global crude prices would soon fall, partly because of expected supply increases from Iraq.
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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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Japan's top economic minister Heizo Takenaka said Japan's growth slowdown in the June quarter was temporary, but expressed worry that high oil prices would severely hurt Asian economies.
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The head of the Organization of the Petroleum Exporting Countries forecast on Monday that global crude prices would soon fall, partly because of expected supply increases from Iraq.
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Asia will be able to weather the rising prices of oil but economic growth will slow down, with Thailand and the Philippines being the worst affected in a group of 10 countries, a report by the Asian Development Bank (ADB) said .
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The Asian Development Bank on Wednesday cut its 2004 economic growth forecast for Thailand to 6.4 percent from 7.2 percent, citing the outbreak of avian influenza and higher oil prices.
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THE growth of the world economy is poised to slow sharply next year as oil pressures continue and China attempts a âsoft landingâ, the World Bank said yesterday.