Oil’s fall into $60s widens the runway for the global economy to make a soft landing

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Oil’s fall into $60s widens the runway for the global economy to make a soft landing - Business Mirror

Quick Summary:

The world’s advanced economies might just have a new reason to hope for a firmer growth footing in the next year, if some of the most bearish forecasts for oil hit the mark.

Last time round, in June, officials factored in an assumption of $78 a barrel for 2025—suggesting a $60 outcome would indeed make a serious downward impact on their inflation outlook if it were to materialize.

The SHOK model devised by Bloomberg Economics suggests an immediate drop of that magnitude would remove 0.4 percentage point off inflation rates in the US and Europe in late 2024 and early 2025.