Bank of America: Economy becomes more resilient to oil shocks

On April 11, Bank of America's research report 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 shock were once seen as a serious stagflation shock. But now the economy is more resilient to energy shocks of similar magnitude. (Jin Shi)