The rise of Omikron affects the global economy, according to IMF growth forecasts

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The rise of Omikron affects the global economy, according to IMF growth forecasts

Photo: ANP

The outlook for the global economy is deteriorating as the Omikron variant of the coronavirus appears in more and more countries. Top woman Kristalina Georgieva of the International Monetary Fund (IMF) expressed her concerns about this at a conference on Friday. She emphasized that new virus variants can “very quickly” damage confidence, potentially impacting the economy.

In October, the IMF forecast 5.9 percent global growth for this year, followed by a plus of 4.9 percent in 2022. At that time, the IMF already had the impression that the global economic recovery from the corona crisis was losing some momentum. This was partly due to the rapid spread of the Delta variant and the sharply rising prices in many countries.

Georgieva was unable to say on Friday what exactly the arrival of Omikron means for the expectations for the global economy. She did indicate that the latest forecasts from the IMF will probably have to be revised downwards.

The Bulgarian also pointed out that there are large differences in the recovery paths of countries. This is partly because not an equal proportion of the population is vaccinated everywhere. Furthermore, Georgieva again pointed to rising inflation. Since the IMF’s latest estimates, that problem has become more prominent for policymakers, she says.

The rise of Omikron affects the global economy, according to IMF growth forecasts
Source link The rise of Omikron affects the global economy, according to IMF growth forecasts

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