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Which Asian countries are most affected by rising oil prices?
Oil prices rising from $70 to $85 caused Singapore's real GDP growth to decrease by 1.5 percentage points, the largest decline in the region.
Taiwan ranks second with a decrease of 1.2 percentage points.
Hong Kong, South Korea, and India will see declines ranging from -0.5 to -0.7 percentage points each.
The Philippines, Malaysia, Thailand, and Indonesia are affected by decreases of -0.3 to -0.5 percentage points.
Meanwhile, China has the lowest impact at -0.1 percentage points, due to its more diversified oil imports compared to neighboring countries.
With oil prices currently around $100, significantly higher than the $85 modeled here, the actual impact on GDP across Asia is considerably greater.
Most major economies in Asia are heavily affected by oil price volatility.