Omicron could slow global economic growth, says the chief of IMF

Omicron could slow global economic growth, says the chief of IMF. 

WASHINGTON – Perhaps, it is another sign of the chaos caused by the pandemic. The chief of the International Monetary Fund said Friday at the press conference that the International Monetary Fund will likely lower its estimates of global economic growth due to the Omicron Omicron virus.

Officials say Omicron has rapidly spread to at least 40 other countries since being first reported in South Africa last Wednesday. 

As a result, many governments have tightened travel regulations to stop it from spreading further.

Kristalina Georgieva, IMF’s Managing Director, stated that “a new variant that could spread rapidly can degrade confidence” and that she expects to see some downgrades in global growth projections for October.

Omicron is still a mystery. However, researchers believe it may have been exposed to genetic material from another virus that could cause the common cold. 

This would make it more difficult for human immune system defenses to work against it.

A wave of infection by the Delta variant is affecting parts of Europe and the United States. This new strain could further disrupt economies still recovering from COVID-19-related lockdowns or disruptions.

Officials said that at least 13 people were infected by a corporate Christmas party held in Oslo, Norway. This was the largest outbreak of its kind outside of South Africa.

Soumya Swaminathan, chief scientist at the World Health Organization (WHO), told media that the fast-spreading variant must be more transmissible to compete with Delta, which currently accounts for 99% of all transmissions.

She said, “We must be prepared and cautious, but not panic because we are in a different position than a year ago.”

Mike Ryan, WHO’s emergency director, said that there is no evidence that vaccines need to be changed to combat Omicron. 

Instead, he suggested that officials get more people vaccinated with the vaccines on the market.

Ryan stated, “We must focus on getting those most at risk vaccinated.” He spoke at a social media conference.

Christian Lindmeier, the spokesperson for WHO, told a Geneva United Nations briefing that vaccine manufacturers should be prepared for the possibility of having to adjust their products.