Oil Prices Could Cause Global Recession

ABC Online (Australia) – MARK COLVIN: There was a dire warning today from one of the world’s leading credit ratings agencies. An oil price shock could cause a major global recession, and financial markets aren’t building in enough capacity to absorb risk.

David Wyss is the chief economist at Standard & Poor’s…

STEPHEN LONG: How bad a recession are we talking about?

DAVID WYSS: My guess at that point would be on the order of the 1980-82 recession, with unemployment rates in the US climbing up towards ten per cent and you know, a couple of years of significantly negative real GDP.
ABC Online (Australia)