According to Mizuho Kida, a contributor of World Bank website, the collapse in global oil prices is good news for the Europe and Central Asia (ECA) region, as a large majority of the region’s countries are net fuel importers. Analysis contained in the latest Global Economic Prospects (GEP) suggests that a 45 percent decline in crude oil prices (as projected in the Commodity Markets Outlook) would improve the trade balance of these net oil importers in the region by some 1.8 percent of GDP on average, and by much more for large net importers.
According to an analysis made by the World Bank specialists in February 2015, energy prices increased by 11.7%, while the prices of non-energy commodities went down slightly by 1.5%. Food prices were down by 2.3%. Beverages declined by 1.7%. Raw materials increased by 2.0%, and fertilizers dropped by 3.1%. Metals and minerals decreased by 1.9%, and precious metals slipped by 2.1%.