Bank of America: The economy's resilience to oil shocks has strengthened

ME News message, April 11 (UTC+8). A Bank of America research note dated April 10 said that since the 1970s, the global economy’s reliance on oil has gradually declined: today, the amount of oil needed to produce the same scale of GDP is only one-third of that in the 1970s. The OPEC crisis and the subsequent oil shocks were once regarded as a severe stagflation shock. But now, the economy is more resilient to energy shocks of a similar magnitude. (Jin10) (Source: ODaily)