[Except for the Middle East. These oil-PRODUCING nations are enjoying economic growth, just as prophesied to happen at this time. Soon, these oil-rich nations will dominiate the worlds economy.]

21 April 2008
Simon Webb

Record high oil prices over $117 a barrel are slowing world economic growth, John Lipsky, first deputy managing director of the International Monetary Fund (IMF), told Reuters on Monday.

"It's dampening growth -- that's for sure, but of course it is benefiting exporters," he said.

"It's going to slow growth as we've said before. It's one of the many factors this year, globally."