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OECD cuts global economic outlook amid omicron scare

  • December 01, 2021

The global recovery has lost momentum and is becoming increasingly uneven, the Organization for Economic Cooperation and Development (OECD) said in its latest economic outlook on Wednesday, adding that the emergence of the omicron variant could threaten recovery.

The 38-member body now expects global output to grow by 5.6% this year, down 0.1 percentage point from its September outlook. It, however, maintained its forecast of 4.5% growth in 2022.     

“We are concerned that the new variant of the virus, the omicron strain, is further adding to the already high levels of uncertainty and risks, and that could be a threat to the recovery,” OECD Chief Economist Laurence Boone told reporters.

Boone called on policymakers to ensure that COVID vaccines are produced and deployed swiftly throughout the world, including booster doses, while stressing that logistics remained the biggest roadblock in the global vaccination drive.

More to come …

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