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

ME News Report, April 11 (UTC+8), Bank of America research on April 10 pointed out that since the 1970s, the global economy’s dependence on oil has gradually decreased: 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 subsequent oil shocks were once seen as severe stagflation shocks. But now, the economy is more resilient to energy shocks of similar magnitude. (Jin10) (Source: ODaily)