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Israel-Hamas conflict may cost global economy $2 trillion – Ernst & Young Israel-Hamas conflict may cost global economy $2 trillion – Ernst & Young
(about 4 hours later)
The company’s chief economist warns of "severe" consequences if hostilities escalateThe company’s chief economist warns of "severe" consequences if hostilities escalate
The global economy could be doomed to take a major hit if the conflict between Hamas and Israel escalates, the New York Times reported on Wednesday, citing a top economist at Ernst & Young, one of the world’s leading consulting and accounting services firms. The global economy could be doomed to take a major hit if the conflict between Hamas and Israel escalates, the New York Times (NYT) reported on Wednesday, citing a top economist at Ernst & Young.
Gregory Daco, chief economist at EY-Parthenon, Ernst & Young's global strategy consulting arm, told the NYT that in the “worst-case scenario,” the expansion of military action in the Middle East would entail “severe” consequences for the world economy, such as a moderate recession, a plunge in stock prices and a loss of $2 trillion.Gregory Daco, chief economist at EY-Parthenon, Ernst & Young's global strategy consulting arm, told the NYT that in the “worst-case scenario,” the expansion of military action in the Middle East would entail “severe” consequences for the world economy, such as a moderate recession, a plunge in stock prices and a loss of $2 trillion.
Oil prices are likely to rise to $150 per barrel from the current $85, Daco added. Oil prices are likely to rise to $150 per barrel from the current $85, Daco predicted.
Last month the World Trade Organization (WTO) warned that global GDP could drop 5% in the longer term if the world splits into two trading blocs as a result of the escalating conflict between Israel and Hamas. The WTO also slashed its 2023 forecast for global trade growth to 0.8% from the previously estimated 1.7%, citing a deepening manufacturing slowdown.Last month the World Trade Organization (WTO) warned that global GDP could drop 5% in the longer term if the world splits into two trading blocs as a result of the escalating conflict between Israel and Hamas. The WTO also slashed its 2023 forecast for global trade growth to 0.8% from the previously estimated 1.7%, citing a deepening manufacturing slowdown.
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