IMPACT OF HIGH OIL PRICES ON THE GLOBAL ECONOMY

IMPACT OF HIGH OIL PRICES ON THE GLOBAL ECONOMY

IMPACT OF HIGH OIL PRICES ON THE GLOBAL ECONOMY

Synopsis

In 2004 it was estimated that the oil prices will rise significantly in the year 2008. Initially the oil prices started to increase by $10 in the year 2004 and it was estimated that it would cost 0.4% of the GDP and the inflation would also go up by 0.5%. Furthermore it was expected that the unemployment rate would also go up. This article comprehensively discusses how the oil prices have affected the global economy and ...