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Oil price downturn will 'lift global economies by $200bn'

Societe Generale economists have predicted that global economies are set for a lift of over $200bn within the next year, thanks to a 'once in a generation downturn' in oil prices. Brent crude has already fallen by as much as 30% from a peak of $115 a barrel in June, and Societe Generale says the decline of oil – and broader effect on energy costs – will boost growth and keep inflation contained. Its economists calculate that a $20-a-barrel fall in oil prices could increase global output by an extra 0.26 percentage points after the first year of the shock, with producers in Asia and North America benefiting most.

 

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