The IMF again stressed that controlling the Covid-19 pandemic is critical to the economic outlook. – REUTERSPIX: The Omicron variant of Covid-19 is creating an obstacle course for the global economy, which will slow growth this year, notably in the world's two largest economies, the International Monetary Fund said yesterday.
After the solid recovery last year when the global economy grew an estimated 5.9%, the IMF cut projections for nearly every country – with India a notable exception – but it was the downgrades to the United States and China that had the biggest impact.“The negative impact is expected to fade starting in the second quarter, assuming that the global surge in Omicron infections abates and the virus does not mutate into new variants that require further mobility restrictions.
The biggest drag on the global outlook is the sharp slowing in the United States and China, including factors beyond the impact of the virus. Meanwhile, China’s “zero-tolerance Covid-19 policy” has contributed to a slowdown in the Asian power, and the fund cut 0.8 points off expected growth for this year to 4.8%, the report said.
India, however, saw a 0.5-point upgrade to 9%, and Japan saw a more modest improvement for growth of 3.3%, the IMF said.
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