Cheaper oil allows South-East Asia to grow better

The price of a barrel of Brent crude has dropped by 25% in recent months to US$86, which means big savings for South-East Asia's large oil-importing economies – Thailand, Philippines and Indonesia - AFP Photo.

JAKARTA: Rising risks of deflation in major economies have renewed worries about global growth, but sliding prices for oil and other commodities should boost most of South-East Asia.

In much of the region, "consumers are going to feel a lot richer," said economist Gareth Leather at Capital Economics. "The benefits to growth are quite significant."