Additionally, the combined impact of slowing growth in major economies and steadily declining energy intensity mean that the growth in energy demand will likely slow. Low prices will induce economic activity, while reducing inflationary, external and fiscal pressures in oil-importing countries. On the other hand, low prices will adversely affect oil-exporting countries by weakening their fiscal and external positions and by reducing their economic activity. For those countries, the Asian Development Bank estimates an additional 0.5 per cent growth rate in 2015 GDP if oil prices remain low.9 Low oil prices also lower inflation rates and present opportunities for oil importing countries to accelerate their programmes related to fossil fuel subsidies.