Oil’s War Spike to Hurt India, Philippines the Worst in Asia
- Nomura analysts see higher consumer prices, slower GDP growth
- Travel rebound and underinvestment among other price drivers
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India, the Philippines and Thailand will likely stand to lose the most in Asia as a sustained increase in oil prices fans inflation, slows growth and weakens their currencies, according to Nomura Holdings Inc.
Those impacts in Asia from Russia’s Ukraine invasion will be felt mostly through commodities, specifically fuel and food, analysts including Sonal Varma and Ting Lu wrote in a report Friday, adding that other factors outside the conflict will also keep prices sustained.