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While the oil sector will take off when the travel industry and other hard-hit industries get back on more solid footing, find investment and recover their consumer demand, Ms Birch said, at the same time the pandemic will accelerate the energy transition to non-fossil fuels.
“That’s not what I would normally expect out of such a severe economic crisis, she said. In a more traditional crisis, for example, the 2008-2009 global financial crisis, you d expect to find any government looking for the shortest path to economic growth they can find out of the crisis.
However, with the crisis in the oil sector demand-based and the financial sector unconcerned by this, add in “the doubling down by world governments on climate goals, and it is easy to understand why policymakers see the crisis “as a trampoline event to get going on their energy goals”, she said.
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Home / World Economy / World Economy News / The U.S. economy likely grew 4.1% at the end of 2020, but GDP seen masking weakness in some sectors
The U.S. economy likely grew 4.1% at the end of 2020, but GDP seen masking weakness in some sectors
The U.S. economy may have grown about 4% in the final three months of 2020, a great showing even in the best of times.
These are not the best of times.
The economy still has lots of ground to make up, for one thing, after the deepest recession on record. And growth slackened off toward the end of 2020 after the coronavirus pandemic roared back and caseloads reached a record high, pointing to a loss of momentum in the economy early in the near year.
Is oil dead? Black gold loses its sparkle theiet.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theiet.org Daily Mail and Mail on Sunday newspapers.