On the day that a study by the International Monetary Fund considers the recent drop in the price of crude oil as a stimulus to the global economy, Standard & Poor's yesterday revised upwards its estimates of US real GDP for 2015: now the agency rating expects a +3,1% and no longer a +3%. “The drop in the price of crude oil could boost consumer spending,” reads the report released today and entitled “US Economic Forecast: The Economy Spreads Some Holiday Cheer”.
The idea is that if this decline continues, it will support the US economy over the next year. Furthermore, continues S&P, “with economic activity continuing to strengthen, the Federal Reserve will probably continue with the normalization of its monetary policy next year, raising rates in June for the first time in almost a decade”. According to S&P, a $10 drop in the price of a barrel of oil increases consumers' purchasing power by 0,4%.
