- Unlike advanced economies, developing countries would not be able to achieve pre-pandemic economic levels by 2023.
- As per the WHO, 85% of people in Africa have not received a single COVID-19 vaccine dose, while 36 countries have still not reached the 10% mark.
- Amid rising inflation, many emerging and developing economies, some knee-deep in debt, would withdraw policy support before the recovery is complete.
The first two weeks of 2022 were nothing different from last year in terms of the COVID-19 impact, except that the Omicron variant replaces the Delta variant across almost all countries. The increasing infection tally of Omicron cases has once again put economic growth on the skids.
As per the World Bank’s latest Global Economic Prospects report, global growth is expected to slow down year after year from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as fiscal and monetary support measures are rolled back and increased demand gradually subsides.