World seen better at handling hikes in the price of oil

The world has increased its resilience to increases in the price of oil, according to a researcher at the International Monetary Fund. Writing in IMF Survey Magazine, Jorg Decressin says “fundamental changes in the workings of the global economy and the use of macroeconomic policy” have enabled the world to absorb a quadrupling of oil prices during the past decade “with relatively little disruption.” Unlike those of the 1970s and 1980s, recent surges have not triggered global recessions, Decressin points out. IMF research offers five reasons: ● Price hikes since 2000 have resulted largely from stronger-than-expected demand from emerging-market economies rather than supply disruptions....

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