WASHINGTON ¨C ¡°Never let an opportunity pass by, but always think twice before acting,¡± says a Japanese proverb with particular pertinence for East Asia today.
Plunging oil prices present a significant opportunity for most of the region¡¯s developing countries to strengthen the competitiveness of their economies and take advantage of the ongoing global recovery.
The drop in oil prices ¡ª over 50 percent since mid-2014 ¡ª reflects several years of increasing oil supply, particularly in North America, along with decreased geopolitical risks to global production, OPEC¡¯s efforts to maintain production levels and market share, and weaker-than-expected global growth last year. These factors are likely to persist, with oil prices expected to remain low through at least 2016.
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