Middle East Economic Survey


No 36


High Oil Prices Unlikely To Trigger Global Recession, Says UNCTAD

The chances of an oil price hike plunging the global economy into a recession comparable to the ones of the 1970s and 1980s appear to be small, according to the United Nations Conference on Trade and Development (UNCTAD). A chapter in its Trade And Development Report, 2005 (see full text on page 20) says thatin the major developed countries, oil prices have considerably...