Oil prices hurt Asian growth

Oil prices are starting to hurt Asia. BusinessWeek reports:

Across Asia, companies are reeling as high oil prices -- as well as shortages in some markets -- make a mess of their balance sheets. And governments are beginning to reduce their growth projections on the assumption that oil prices will remain high.

Every $10 rise in a barrel of oil cuts half a point off the growth of the economies of Taiwan and South Korea, Asia's tech leaders. Even mighty China could see growth slow from the current 9% to 7.6% by next year if oil is priced at $70, according to UBS (UBS ).

Gasoline shortages have been reported in Guangdong province, and the government has forbidden the export of refined petroleum products.

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http://www.businessweek.com/magazine/content/05_38/b3951076.htm