(Finance and Economics) High oil prices and various economies are "happy and sad"

　　China News Agency, Beijing, February 21 (Reporter Li Xiaoyu) High international oil prices have made various economies "happy and sad".

　　Major crude oil exporters made a "plenty of money".

Among them, Russia is one of the biggest winners of the surge in oil prices.

Data show that with rising oil prices and increased consumer spending, Russia's GDP, the world's largest energy exporter, will grow by 4.7% year-on-year in 2021, not only the fastest growth rate since 2008, but also significantly higher than market expectations.

Affected by the epidemic in 2020, the Russian economy once shrank by 2.7%.

　　Iraq's crude oil export revenue in 2021 is also as much as $75.65 billion, exceeding the 2021 budget forecast.

The country's crude oil export revenue accounts for more than 90% of the country's fiscal revenue.

　　But high oil prices are not good news for the vast majority of countries.

　　Analysts at Goldman Sachs expect Brent crude futures to rise to $100 in the third quarter of this year, which has a 50% chance of raising inflation by an average of 60 basis points.

This will hit developing countries the hardest.

　　Analysts at JPMorgan Chase believe that if oil prices rise to $150, world economic growth will come to a near standstill and push global inflation above 7%.

That's nearly twice the target set by most central banks.

　　The International Monetary Fund (IMF) has also previously warned that this year's world economic conditions are more fragile than previously expected, one of the reasons is that rising energy prices and supply chain disruptions have triggered higher-than-expected inflation levels.

　　Some countries are already taking long-term plans.

South Korea's Minister of Industry, Trade and Resources Moon Seung-wook said a few days ago that considering the rise in oil and other energy prices since the end of last year, coupled with the recent tensions between Russia and Ukraine.

Therefore, the Korean government proposes legislation to manage the energy supply chain to ensure energy security and economic growth.

　　However, some analysts believe that there is not much room for oil prices to continue to rise, and there is no need to worry too much.

　　Qin Tai, a macro analyst at Shenwan Hongyuan, said that the short-term rise in oil prices caused by the uncertainty of global crude oil supply may be a "miracle".

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