High crude oil price to slow global economy

Economic growth in the world's major industrialized nations could slow by some 0.4 percentage points next year if oil prices are not brought down from their recent $33/bbl-plus perch, according to the latest calculations by Organization for Economic Cooperation and Development economists.A price that persisted at $33/bbl could chip 0.3% off expected growth in the US, 0.6% off growth in Japan, and 0.5% off growth in the European Union, said the OECD in a report published late last week at the International Monetary Fund-World Bank meeting in Prague.A rise in consumer price inflation would be another fallout of a sustained high oil price, the OECD believes, with the US, Japan, and the E...

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