‘Rising oil prices will not impact Asian economic growth’
Asian economies will maintain strong growth rates throughout 2005 despite record global oil prices, say analysts.
Oil prices have more than doubled since 2002 mainly due to Asia's appetite demand for oil, particularly from
China.
Many analysts concur that even though Asia is a net oil importer, the region's export-driven economies will be able to withstand a sustained period of high prices with only a relatively minor impact on their growth rates.
Asia's economies grew an average of nearly 7% last year. In addition, most of them saw the fastest growth since the 1997-1998 regional financial crises.