The 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. 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 reces
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