Fitch Ratings predicts 2024 impact from soaring oil price
Saturday, 11 November 2023 Fitch Ratings warns that disruptions in the Middle East's oil supply could cause higher oil prices, impacting global economic growth and leading to inflation. If oil prices spike to $120 per barrel in 2024 and $100 per barrel in 2025, there could be a 0.4 percentage point reduction in global GDP growth in 2024 and a 0.1 percentage point lower growth in 2025. The impact would be felt across countries, with emerging markets and oil-producing countries experiencing varied effects. Higher oil prices would also lead to elevated inflation rates in certain countries.
The 20th century was the century of oil. From farm to fork, factory to freeway, there is no aspect of our modern life that has not been shaped by the oil industry. But as the..
Saturday, 11 November 2023
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