Well, just when we thought we were on the road to recovery… 😪
Omicron is taking a chunk out of expected global growth. Bloomberg reported that the entire global economy is only expanding at a 0.7% rate, which is half the world’s growth rate from last quarter. Before the pandemic, the global economy grew at a 1% growth rate.
Europe’s experiencing just a 0.8% expansion of its regional economy, down 0.3% from November’s projections. The U.S. is growing at a 1.2% rate, China has stumbled down to a 4.5% rate from 4.9%, and Brazil’s economic growth rate has tumbled to 0.2%.
Not to mention, the Fed’s inflation measure is up 5% this quarter; inflation in Europe and the U.K. is 4.4% higher. 👎 Bloomberg economist Tom Orlik shared:
“As 2021 draws to an end, the global economic recovery risks being thrown off track by the omicron variant of the coronavirus. Particularly Europe looks vulnerable: Recoveries for Germany, France and Italy are increasingly under strain from the surge in cases.”
Maybe Santa Claus can save those rates for Christmas…? 🤔 🎁