BP Plc's (BP) Chief Economist Christof Ruehl said he was "skeptical" emerging market economies will be immune to the financial slowdown in Organization for Economic Cooperation and Development countries, at a conference in London Wednesday.
Speaking at Commodities Week Europe 2008 the oil major's economist Ruehl said the long-term impact of the credit crunch on global economic growth will depend on how quickly the U.S. economy can recover from financial market turmoil, and whether China and other developing countries can withstand the slowdown.
Emerging market economies now contribute between 40% to 50% of global economic growth, and around 90% of energy demand growth, he added.