If it does, the global economic fallout could include a 1970s-style oil shock, crashing stock markets, and deep stagflationary recessions.
- Nouriel Roubini
- Project Syndicate
NEW YORK – Hamas’s barbaric massacre of at least 1,400 Israelis on October 7, and Israel’s subsequent military campaign in Gaza to eradicate the group, has introduced four geopolitical scenarios bearing on the global economy and markets.
As is often the case with such shocks, optimism may prove misguided.
In the first scenario, the