WASHINGTON, Jan 11 — Global growth will “decelerate markedly” this year, but the Omicron variant of Covid-19 that is spreading rapidly worldwide could make the situation worse and exacerbate labor shortages and supply chain snarls, the World Bank warned today.
That could further reduce global growth this year to as low as 3.4 per cent, a drop of 0.7 percentage points. However, he cautioned, “If it stays around much longer, and cases remain elevated and continue pressuring health systems, under that scenario, the global growth will be lower.” That, in turn, could erode business and household confidence, lowering consumption and trade flows, a key engine of global growth.Kose stresses that vaccination remains crucial, since the threat of new, more transmissible or more virulent variants will persist until a substantial part of the world’s population is vaccinated.
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