Wider War in Middle East Could Tip the World Economy Into Recession

The Hamas attack and Israel’s response are taking a heavy human toll. A global economic downturn may follow if escalating conflict sends oil prices soaring

Like Middle East wars of the past, the conflict between Israel and Hamas that broke out this past week has the potential to disrupt the world economy — and even tip it into recession if more countries are drawn in.

That risk is real, as Israel’s army prepares to invade Gaza in response to an attack by the militant group. The death toll from the Hamas assault and the ongoing Israeli air strikes on Gaza is already in the thousands. There’s concern that militias in Lebanon and Syria that support Hamas will join the fighting.