The coronavirus seems more productive than all leading IT giants combined. It presents new variants more often than Apple upgrades its iPhones. Its new Omicron strain is expected to halve the global economy’s GDP.
Analysts at Bloomberg predict that the global economic growth in the fourth quarter of this year may total only 0.7%, which is half as much as in the previous one. The Omicron strain is the main reason for such a sharp slump. "As 2021 draws to an end, the global economic recovery risks being thrown off track by the omicron variant of the coronavirus," Tom Orlik, the chief economist for Bloomberg Economics, said. He also pointed out that "the euro area is the region that’s been hit the worst with Germany, France, and Italy under strain." For the eurozone, as well as for the whole world, the fourth quarter may turn out to be rather grim in terms of economic indicators. The world economy is expected to grow by only 0.8% compared to the previous three months, which is 0.3% less than predicted in November before the Omicron was identified.
As for other countries, analysts have an even more gloomy forecast. For example, China's economy is envisaged to expand by only 4.5%, which is 0.5% lower compared to the previous forecast. Brazil is likely to add 0.2%, dropping by 2.6%. Russia is predicted to grow by 2.6%, losing 1.4%.
