Oil shocks create ‘persistent’ labour downturns – IMF paper
Gains for oil-exporting countries are “comparatively modest”, say researchers
Shocks that raise oil prices create “sharp and persistent employment losses”, find researchers with the International Monetary Fund.
The working paper, published on July 18, finds that shocks reverberate through global labour markets “in ways that are immediate, asymmetric and persistently uneven”.
The authors – Diego Gomes, Lisa Kolovich and Hannah Yi Wei – looked at 89 countries between 1975 and 2022.
They find that the effects are pronounced in oil-importing countries, oil-intensive
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