Global Economic Growth Drops Below 1% in Omicron-Led Slowdown

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The Street

By Vidhi Choudhary European Union might be at higher risk of an economic fallout caused by the spread of omicron. The pace of the global economic recovery dropped below 1% in the quarter ending in December, a sharp 50% decline from the previous quarter, as the fast-spreading omicron variant arrived, according to a news report by Bloomberg. The world economy grew 0.7% in the October to December quarter, with the U.S. economy expanding marginally faster at 1.2% as 2021 draws to a close. Arch rival China’s economy grew 4.5% this quarter, but slower than the 4.9% forecast earlier. In the new world…

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