There have been a number of reasons for these favourable outcomes around the world, including the developed world's lower oil dependency compared with earlier years, but I will concentrate on a few that I think are important.
The main reason that economic growth was so little affected was that the rise in oil prices was caused by strong world growth, particularly from developing countries such as China and India. For the world as a whole, the rise in oil prices was not a negative supply shock, as it was in the seventies, but was the result of a positive demand shock.