High crude oil price to slow global economy

10/02/2000
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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