The newly detected Omicron variant has spread shortly to at least 40 countries now since it was first detected in South Africa a week ago. Despite rigid travel rules and restrictions, the infection has spread quickly which is a global concern, especially from an economic notion. Amid surging concerns over Omicron, the International Monetary Fund (IMF) has decided to lower its global economic growth estimates.
World economies are still recovering from the pandemic but the Omicron has emerged as a new obstacle in their recovery road. According to Kristalina Georgieva, the current IMF Managing Director, the new variant is capable of ruining the confidence and that’s why some downgrades in October projections for global growth are pretty likely to happen. The funding organization was previously expecting a 5.9% growth rate as well as 4.9% growth this year and next year respectively.
Nothing can be said about the new variant and its effects at present. It’s simply the research along with the element of observation that can solve the puzzle the world is enduring at the time. Currently, different parts of Europe, the United States, and many other regions are confronting the similar Delta variant of COVID-19. In a recent report, the US has already detected 10 cases of new strain while Australia has reported Omicron’s community transmission.
During the conference, Georgieva emphasized over instability that new strain can bring in the weakened economies. She commented that US policymakers should do something about high inflation rates because the country’s economic strength leaves a substantial influence on not just America but the world too.
According to Soumya Swaminathan who’s a World Health Organization(WHO) chief scientist, Omicron may displace the Delta variant of the virus. The Omicron would have to turn extra transmissible to out-compete Delta that accounts for about 99% of the present transmissions. She added that there is a need to be more prepared and cautious instead of panicking over the situation this time.
Dr. Mike Ryan, WHO’s executive director of the health emergencies program, remarked at a social media event that the world needs to give attention to those at the highest risk. He asserted that since not much is known about the variant so there is no evidence of whether it’s required to modify the existing vaccines or not. However, on the other hand, a WHO spokesperson Christian Lindmeier spoke in a United Nations briefing that the vaccine makers should be more flexible as it’s likely that they need to adjust their products soon.
