The recent sharp drop in oil prices is causing a shift in global economic dynamics. This decline is expected to benefit oil importers while putting pressure on oil exporters. The lower prices could lead to positive effects on global activity in the medium term, but weak global demand and limited monetary policy options may counteract these benefits. Countries heavily reliant on oil revenues will face fiscal challenges, while oil importers could see an opportunity to strengthen their finances. Lower oil prices also create a chance for implementing structural reforms, particularly in areas like fuel subsidies and energy taxes.