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Korea, Thailand seen as biggest winners from oil drop: BOA
By Korea HeraldPublished : Dec. 2, 2014 - 21:35
South Korea, Thailand and Philippines are Asia’s biggest economic winners from a drop in oil prices, according to Bank of America Corp.
A 10 percent decline in oil prices means gross domestic product growth of 45 basis points in both South Korea and Thailand, economists including Chua Hak Bin and Lee Jaewoo wrote in a Dec. 1 report on the region’s 2015 outlook, which excludes Japan. The Philippines gets a 30 basis point boost while Malaysia ― as an oil exporting country ― is the sole loser among Asia’s emerging economies, according to the report.
“Asia is a large net oil importer and big beneficiary of lower oil prices,” they said in the note. “Demand-side inflation pressures will remain benign in Asia, while plunging global oil prices will exert powerful disinflationary forces.”
South Korea’s economy will probably grow 3.5 percent in 2014 and 3.6 percent next year, the fastest pace since 2011, according to the median estimate of economists surveyed by Bloomberg. Thailand’s GDP is forecast to increase 4 percent next year from 1 percent in 2014, a separate survey showed.
West Texas Intermediate fell below $65 a barrel to the lowest since July 2009. A 10 percent decline in oil prices will push Philippines’ inflation lower by 45 basis points, the most in emerging Asia, while cutting India and Indonesia’s consumer prices gains by 40 basis points each, according to Bank of America’s report.
Thailand’s inflation slowed to a five-year low of 1.26 percent in November from a year earlier on lower local retail oil prices, an official report showed.
South Korea’s consumer prices probably increased 1.1 percent last month from the previous year, according to the median estimate of analysts surveyed by Bloomberg before official data tomorrow. Inflation has trailed the central bank’s target of 2.5 percent to 3.5 percent since May 2012. (Bloomberg)
A 10 percent decline in oil prices means gross domestic product growth of 45 basis points in both South Korea and Thailand, economists including Chua Hak Bin and Lee Jaewoo wrote in a Dec. 1 report on the region’s 2015 outlook, which excludes Japan. The Philippines gets a 30 basis point boost while Malaysia ― as an oil exporting country ― is the sole loser among Asia’s emerging economies, according to the report.
“Asia is a large net oil importer and big beneficiary of lower oil prices,” they said in the note. “Demand-side inflation pressures will remain benign in Asia, while plunging global oil prices will exert powerful disinflationary forces.”
South Korea’s economy will probably grow 3.5 percent in 2014 and 3.6 percent next year, the fastest pace since 2011, according to the median estimate of economists surveyed by Bloomberg. Thailand’s GDP is forecast to increase 4 percent next year from 1 percent in 2014, a separate survey showed.
West Texas Intermediate fell below $65 a barrel to the lowest since July 2009. A 10 percent decline in oil prices will push Philippines’ inflation lower by 45 basis points, the most in emerging Asia, while cutting India and Indonesia’s consumer prices gains by 40 basis points each, according to Bank of America’s report.
Thailand’s inflation slowed to a five-year low of 1.26 percent in November from a year earlier on lower local retail oil prices, an official report showed.
South Korea’s consumer prices probably increased 1.1 percent last month from the previous year, according to the median estimate of analysts surveyed by Bloomberg before official data tomorrow. Inflation has trailed the central bank’s target of 2.5 percent to 3.5 percent since May 2012. (Bloomberg)
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Articles by Korea Herald
