Bank of America: Increased Resilience of the Economy Against Oil Shocks

Odaily Planet Daily News - A Bank of America research report dated April 10 pointed out that since the 1970s, the global economy's dependence on oil has gradually decreased: the amount of oil required to produce the same scale of GDP today is only one-third of that in the 1970s. The OPEC crisis and subsequent oil shocks were once regarded as severe stagflation shocks. However, the economy is now more resilient in facing energy shocks of similar magnitude. (Jin10)