Bank of America: Economy's Resilience to Oil Shocks Strengthens

Odaily reported that a Bank of America research note on April 10th 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 what it was in the 1970s. The OPEC crisis and subsequent oil shocks were once considered a severe stagflationary shock. However, today, the economy has become more resilient to energy shocks of similar magnitude. (Jin10)