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World Economy

OPEC Monthly Oil Market Report – October 2017

13

grow, with a considerable share coming from the energy sector. The negative impacts of the hurricane

season seem to be temporary and may affect mainly the 3Q17 by around 0.3 percentage points (pp), with

ongoing reconstruction efforts to recover some of the lost economic activity in the 4Q17 and 1H18. Another

and probably even more significant upside risk for 2018 may be the implementation of the

US administration’s envisaged tax reform. A tax framework was released at the end of September. While it

lays out the main aspects of a potential tax reform, the main details will now need to be worked out by the

relevant committees in Congress. In this regard, a potential upcoming debate on the debt ceiling as its

expiration in December looms will also probably need close monitoring.