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Omicron to spoil global economic recovery hopes in 2022

Posted : 12 January 2022 07:38:11 | By TWO Bureau | GNN Bureau

Omicron to spoil global economic recovery hopes in 2022

The rapid spread of Omicron in more than 100 countries has made global economic recovery unstable, and analysts have revised down the global economic growth forecast from 5.5 per cent in 2021 to 4.1 per cent in 2022. 

Experts have forecast US’ real GDP growth to be 1.1 per cent in Q1 of 2022 compared to 1.3 per cent in Q4 of 2021. With challenges to supply chains and high infection rates, the UK’s real GDP growth is forecast to slow down to 0.7 per cent compared to 0.9 per cent during the same period. Japan’s growth, meanwhile, is expected to rise from 1.3 per cent to 1.6 per cent.

Oxford Economics on Tuesday revised India's GDP growth forecast to 7.9 per cent from the earlier 7.8 per cent for FY22, citing more durable recovery and higher COVID vaccination rates.

Emerging markets continue to underperform due to uneven vaccination drive, less room to manoeuvre for additional policy support, as well as the Chinese economic slowdown.

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Tags : Omicron, GDP growth, economy recovery, GDP forcast for india,

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