NextGen Day

According to Geoffrey Okamoto, First Deputy Managing Director of the International Monetary Fund (IMF), the new coronavirus disease (Covid-19) form, Omicron, will certainly hit the world economic growth prediction of 4.9 percent in 2022.

“We forecast global economic growth of 5.9% in 2021, then 4.9 percent the following year. I believe it is critical to stress the likelihood of deterioration as a result of the Omicron version “On Friday, Okamoto stated.

The IMF projected global economic growth of 5.9% this year in October 2021, 0.1 percent lower than the expected rate issued in July.

According to Okamoto, a drop in the 2021 prediction corresponded to a drop in GDP in the third quarter of 2021 as a result of the spread of positive Delta variant cases around the world.

On the other hand, he noted, the development of a new Omicron type, combined with supply chain interruptions, had stifled economic activity, which had begun to rebound in the fourth quarter of 2021.

The Omicron variation had created a sense of ambiguity about the Covid-19 issue, according to Okamoto, thus the problem will have a long-term impact on the economy and vulnerable people.

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