Economics
HSBC Cuts GDP Outlook for 13 Oil Exporters as Price Plunges
This article is for subscribers only.
The plunge in oil prices prompted HSBC Holdings Plc to cut this year’s economic outlook for 13 crude exporters across central, eastern Europe and the Middle East, while singling out Turkey as the biggest winner from the slump.
Economic growth in the grouping will slow to 1.8 percent, compared with an estimate of 2.6 percent in October, the London-based bank said in a report yesterday. Russia’s gross domestic product may shrink 3.5 percent, compared with an October forecast of a 1 percent contraction, the bank said.