Sunday, January 16, 2022

The economic clouds on the horizon for 2022

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HHappy New Year? Hopes that 2022 would usher in a happier and more prosperous 12 months after 2021’s economic volatility took an early blow from the emergence of a new variant of Covid-19, but there are many other challenges for the global economy in 2022.

The evolution of the pandemic is bound to continue to be the main driver of trends in both global economic and financial market outcomes. With the Omicron variant, governments across Europe – and no doubt soon in Asia and America – will start imposing restrictions as case numbers and particularly hospitalizations or deaths increase.

But that’s probably not the end of the story. There are many other letters in the Greek alphabet, and the emergence of this variant is a reminder that the West will continue to reap the rewards of its failure to ensure an equitable supply of vaccines. The pandemic has yet to become boringly endemic. According to the action group ONE, at the end of the last full week before Christmas, just 20 vaccinations per 100 people were administered in Africa, almost 140 in Europe and 133 in North America.

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