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CHAPTER ONE
Developments in Global Markets
In terms of international groupings, the economic growth rate of
OECD countries, which account for about 51% of world oil demand,
declined from 1.6% in 2011 to 1.3% in 2012.
Among the OECD countries, the annual growth rate of the United
States economy increased from 1.8% in 2011 to 2.2% in 2012, while
the rate of growth in the Japanese economy went up from -0.8% in
2011 to 2.2% in 2012. In contrast, the growth rate of the euro zone
economies decreased from 1.4% to -0.4% in the same period.
The rest of world economies witnessed a decrease in their economic
growth rates from 6.2% in the previous year to 5.3% in 2012. The
growth rate of common wealth Independent States (CIS) went down
from 4.9% in 2011 to 4.0% in 2012.
The developing countries in Asia witnessed a decline in their
economic growth in 2012 to reach 6.7% compared with 7.8% in
2011, including China, which has experienced a decline in economic
growth from 9.2% in 2011 to 7.8% in 2012. The Sub-SaharanAfrican
countries, recorded a slight decrease in their economic growth rate
from5.2% in 2011 to 5.0% in 2012. LatinAmerican and the Caribbean
countries also witnessed a decrease in their economic growth rate
from 4.5% in 2011 to 3.2% in 2012.
The rate of economic growth in the Middle East and North Africa
was 5.3% in 2012 compared with 3.3% in 2011, as shown in
Figure
(1-4)
and
Table (1-3)
.
