Developing economies now more resilient to rising oil prices: World Bank

A new World Bank report has explained why many economies have not been more adversely affected, particularly developing countries, by the hike in oil prices.

Despite uncertainties, the Bank expects developing countries to enjoy strong combined economic growth of 6.3 per cent this year.

And even while riding on a downward trend in 2008, they’re expected to grow by a respectable at 5.9 per cent, with emerging African and Asian countries leading the pack.

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