Oil might not drive some economies long-term, IMF said

WASHINGTON, June 9 (UPI) -- Particularly in the Middle East and Central Asia, lessons from the slump in crude oil prices suggest a revenue overhaul may be needed, the IMF said.

A survey this week from the World Bank found the global economy may be slowing down. For countries that rely on imports, the weak market for crude oil may be providing stimulus, with commodity-importing economies on pace to expand by 5.8 percent in 2016. For the Middle East and North Africa, the World Bank said growth is expected at 2.9 percent, a 1.1 percent reduction from a January forecast.

"The downward revision comes as oil prices are expected to track lower for the year, at an average of $41 per barrel," the bank said.

http://www.upi.com/Business_News/Energy-Industry/2016/06/09/Oil-might-not-drive-some-economies-long-term-IMF-said/1511465476867/?nll=1