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    How Does the Oil Price Decline Affect Southeast Asia?

    Lee, Cassey | February 2015
    Abstract
    Crude oil prices dipped below the USD50 per barrel psychological benchmark on Monday, 5 January 2015. Only six months earlier, in July 2014, crude oil prices were hovering around USD110 per barrel (Figure 1). The steep decline in oil prices of about 50 percent, whilst not unprecedented, was totally unexpected. The last time oil prices dipped significantly was in 2009 in the aftermath of the global financial crisis. Back then, the world economy contracted by two percent. In contrast, the world economy grew by 2.6 percent in 2014. The slump in oil prices is primarily driven by excess supply and weak demand in the oil market. As the slump in oil prices was totally unexpected before the end of 2014, it is safe to say that policymakers will need to go back to the drawing board to chart new policy directions for the coming year (at least). This essay examines how the economies of Southeast Asia are affected by the steep decline in oil prices.
    Citation
    Lee, Cassey. 2015. How Does the Oil Price Decline Affect Southeast Asia?. © ISEAS Yusof Ishak Institute. http://hdl.handle.net/11540/10985.
    ISSN
    2335-6677
    Keywords
    Macroeconomic
    Macroeconomic Analysis
    Macroeconomic Framework
    Macroeconomic Models
    Macroeconomic Performance
    Macroeconomic Planning
    Macroeconomic
    Policies
    Macroeconomic Reform
    Macroeconomic Stabilization
    Oil and Gas Industry
    Development cooperation
    Petroleum Industry
    Transport Industry
    Social condition
    Economic dependence
    Economic assistance
    International monetary relations
    International monetary relations
    International trade
    National accounting
    Market
    Petroleum Refineries
    Petroleum Products
    Petroleum Prices
    Petroleum
    Crude Oil
    Petrochemical Industry
    Export Oriented Industries
    Exchange
    Exchange rates
    Comparative economics
    Index number
    Monetary policy
    Value analysis
    Adjustment cost
    Transaction cost
    Conditionality
    International relations
    Oil refineries
    Gasoline
    Oil
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/10985
    Metadata
    Show full item record
    Thumbnail
    ISEAS_Perspective_2015_5.pdf (878.4Kb)
    Author
    Lee, Cassey
    Theme
    Economics
    Industry
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise