Bank of America: The economy is more resilient to oil shocks

Golden Ten Data, April 11 — Bank of America stated in a research report on April 10 that since the 1970s, the global economy's dependence on oil has gradually decreased. Today, the amount of oil required 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. However, now, the economy is more resilient when facing energy shocks of a similar magnitude.