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Lagarde: Oil price fall 'good news' for world economy
(MENAFN- Arab News) WASHINGTON: The plunge in oil prices since June may hurt some crude exporters but is overall a good thing for the world economy International Monetary Fund Managing Director Christine Lagarde said Monday.
'There will be winners and losers but on a net basis it's good news for the global economy' she said in Washington.
Oil prices have fallen sharply since late June losing around 30 percent as supplies increase and global demand for oil grows more slowly.
While some exporters are hurting from the price fall overall it will add significantly to global growth as consumers and businesses pay less for energy. 'It's likely to be an additional 0.8 percent (of growth) for most advanced economies because all of them are importers of oil whether you look at US Japan certainly Europe... and China' she said.
Crude oil exporters 'are taking a hit for some of them it's a calculated hit' Lagarde said.
In October the IMF cut its forecast for global growth this year to 3.3 percent and to 3.8 percent in 2015 citing stagnation in Europe and Japan and the slowdown in emerging economies.
Lagarde was speaking at a conference of corporate chief executives sponsored by the Wall Street Journal.
'There will be winners and losers but on a net basis it's good news for the global economy' she said in Washington.
Oil prices have fallen sharply since late June losing around 30 percent as supplies increase and global demand for oil grows more slowly.
While some exporters are hurting from the price fall overall it will add significantly to global growth as consumers and businesses pay less for energy. 'It's likely to be an additional 0.8 percent (of growth) for most advanced economies because all of them are importers of oil whether you look at US Japan certainly Europe... and China' she said.
Crude oil exporters 'are taking a hit for some of them it's a calculated hit' Lagarde said.
In October the IMF cut its forecast for global growth this year to 3.3 percent and to 3.8 percent in 2015 citing stagnation in Europe and Japan and the slowdown in emerging economies.
Lagarde was speaking at a conference of corporate chief executives sponsored by the Wall Street Journal.
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