IMF slashes global growth outlook amid Omicron hit Business


Source: gulfnews.com gulfnews.com

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Washington: 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 IMF said Tuesday. The Washington-based crisis lender cut its world GDP forecast for 2022 to 4.4 per cent, half a point lower than the October estimate, due to the "impediments" caused by the latest outbreak, though those are expected to begin to fade in the second quarter of the year. "The global economy enters 2022 in a weaker position than previously expected," the IMF said in the quarterly update to its...