Will oil prices have an impact on GDP?
Economic experts say that if crude oil prices increase, it will have an impact on India's GDP. They say that every time the price increases by $10, 0.5% of GDP will be affected. They say that the price of crude oil has already increased by $10. That effect will be on the GDP. The price of a barrel of crude oil, which was $69, has increased to $78 within a week. It is estimated that if tensions in the Middle East continue, the price of oil could reach $87.
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