One Region That Could Benefit Most From Low Oil Prices
The current low price of oil so far has been a mixed blessing for the world economy.
Some countries, such as the poor OPEC member Venezuela, are hurt by the price drop. Many others benefit, in most cases simply because their businesses and consumers pay less for oil. And some, such as Canada, have trouble in their oil-producing provinces, but expect booms elsewhere.
In East Asia, though, the 50 percent drop in the price of crude since June appears to have created opportunities for economic growth. And the biggest winner here is also the biggest player in the region, China, which could see its economy rely less on exports and more on demand by its own population.
Related: Top Five Possible Energy Surprises For 2015
This is a “fantastic opportunity” not only for Chinese manufacturers but also for other countries that rely on exports, according to Stephen Roach, a senior fellow at Yale’s Jackson Institute of Global Affairs.
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