Robust recovery in the United States, a moribund euro zone and slowing Chinese growth reflect global splits which plunging oil prices are likely to widen.
On the face of it, lower energy bills should give consumers and companies more money to spend and boost economic growth, at least for oil importers. But for those countries facing stagnation or even deflation the prospect of downward pressure on prices is more worrying.
The likelihood is that a near 60 percent fall in the price of oil – from above $115 in mid-2014 to just $50 – will see those already growing strongly pick up further, leaving the laggards trailing in their wake.
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