High oil prices are slowing down the world economy and could especially hurt developing countries and emerging markets, the International Monetary Fund (IMF) said Thursday. In its annual World Economic Outlook to be released next week, the organization predicts that the growth of the global gross domestic product will slow 0.7 to 0.8 per cent in 2005- 2006, compared with 2004, and identifies high oil prices as one of the reasons. According to the World Bank last week, the 2004 growth rate of 3.8 per cent was expected to recede to 3.1 per cent his year and next. The analysis sections of the semiannual IMF report were released Thursday. The report will be released next Wednesday prior to the start of the IMF and World Bank spring meetings. The IMF predicted that oil prices will remain high but decrease gradually through about 2010 because of increased demand being met by additional production from countries not belonging to the Organization of Oil Exporting Countries (OPEC). --More 2228 Local Time 1928 GMT
