The fall in the oil price is broadly reflected across the current situation in the global economy and the outlook for the future.
Is the euro area at risk of Japanese-style deflation?
Russian economy and imports to contract substantially in 2015
The Russian economy has begun to contract due to the fall in the price of oil. GDP will contract by over 4% in 2015. The uncertainty will cause a decline in investment, and consumption will be cut particularly by rapid inflation. Imports will be reduced by the contracting economy, a weak rouble and declining export income.