America and its friends benefit from falling oil prices; its most strident critics don’t IN EARLY October the IMF looked at what might happen to the world economy if conflict in Iraq caused an oil-price shock. Fighters from Islamic State (IS) were pushing into the country’s north and the fund worried about a sharp price rise, of 20% in a year. Global GDP would fall by 0.5-1.5%, it concluded. Equity prices in rich countries would decline by 3-7%, and inflation would be at least half a point higher. IS is still advancing. Russia, the world’s third-biggest producer, is embroiled in …read more
Source: Business Insider
