Oil rout positive for global economy: IIF

Tokyo

DESPITE turbulence in energy markets and dramatic falls in the price of oil, "the overall net impact on the global outlook is clearly positive", the Washington-based Institute of International Finance (IIF) said in a report on Friday.

The result of the oil price decline will be a "shift in purchasing power from producers to consumers that should provide a significant boost to global demand at a time of excess capacity", said the IIF, which speaks on behalf of some of the world's leading banks and other financial institutions.