{"id":1163005,"date":"2021-12-27T23:04:39","date_gmt":"2021-12-28T04:04:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1163005"},"modified":"2021-12-27T23:04:40","modified_gmt":"2021-12-28T04:04:40","slug":"analysts-slash-2022-economic-growth-forecasts-due-to-omicron-variant","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysts-slash-2022-economic-growth-forecasts-due-to-omicron-variant\/","title":{"rendered":"Analysts Slash 2022 Economic Growth Forecasts Due To Omicron Variant"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fanalysts-slash-2022-economic-growth-forecasts-due-to-omicron-variant%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1163005&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Economists are slashing their growth forecasts for next year due to the Omicron variant of COVID-19.<\/p>\n<p>According to <a href=\"https:\/\/www.wsj.com\/articles\/omicron-variant-is-expected-to-dent-global-economy-in-early-2022-11640631554?mod=hp_lead_pos2\">The Wall Street Journal<\/a>, Moody\u2019s Analytics chief economist Mark Zandi downgraded his first-quarter GDP prediction for the United States from 5.2% to 2.2%, as he \u201ccan see the economic damage mounting going into the first quarter.\u201d He noted reductions in travel spending, as well as the cancellation of arts and entertainment events.<\/p>\n<p>Pantheon Macroeconomics likewise cut its forecast for annualized American GDP growth from 5% to 3% in the first quarter of 2022. Meanwhile, other analysts are keeping a close eye on Omicron before amending their predictions.<\/p>\n<p>\u201cIt\u2019s unfortunate [the Omicron variant] had to break out during the holiday season, even in places like New York City, where people are highly vaccinated,\u201d Barclays economist Pooja Sriram told The Wall Street Journal. \u201cWe see some kind of voluntary social distancing if people start canceling travel plans and become hesitant about using accommodation, that will have an effect on growth and employment.\u201d<\/p>\n<p>In reaction to Omicron \u2014 which appears to have less severe symptoms than earlier COVID-19 variants \u2014 hedge fund manager Bill Ackman <a href=\"https:\/\/www.dailywire.com\/news\/its-time-to-stop-forcing-vaccinations-living-in-fear-of-covid-hedge-fund-manager-says\">advised<\/a> Americans to stop living in \u201cfear of COVID.\u201d<\/p>\n<p>\u201cWe have reached the stage in the Covid crisis where our attention needs to focus on severity and protecting those who are vulnerable rather than case counts,\u201d Ackman said. \u201cWhile unvaccinated Americans are still at risk, the vax decision is a personal one. We need to give the healthcare system the resources it needs, and we need to start living again.\u201d<\/p>\n<p>\u201cIt appears that Omicron will \u2018vaccinate\u2019 everyone who isn\u2019t already vaccinated. Let\u2019s protect the vulnerable and continue to live our lives. The beginning of the end of living in fear of Covid is near,\u201d Ackman added in a follow-up tweet.<\/p>\n<p>Beyond the United States, Omicron is inspiring Western leaders to <a href=\"https:\/\/www.dailywire.com\/news\/germany-headed-for-recession-as-covid-restrictions-tighten\">tighten<\/a> COVID-19 restrictions \u2014 leading their economies to undergo contractions. As CNN Business reported about Germany:<\/p>\n<p>Europe\u2019s largest economy will shrink 0.5% in the fourth quarter of this year, compared with the third, and stagnate in the first three months of 2022, according to projections published Tuesday by the Ifo Institute for Economic Research. An economy is in recession when it contracts for two consecutive quarters\u2026<\/p>\n<p>Growth is expected to pick up next summer as a wave of coronavirus cases subsides and supply bottlenecks ease, but the slow start to the year will cost the manufacturing powerhouse. Ifo slashed its growth forecast for 2022 by 1.4 percentage points to 3.7%.<\/p>\n<p>Ifo expects inflation to increase by 3.1% this year and 3.3% in 2022, rates that far exceed the European Central Bank\u2019s target of 2%. Consumer prices are not expected to return to normal until 2023, according to Ifo.<\/p>\n<p>Over the weekend and into Monday, Omicron was at least partially responsible for a <a href=\"https:\/\/www.dailywire.com\/news\/christmas-flightmare-thousands-of-travelers-stranded-for-holidays-after-omicron-forces-delays-cancellations\">surge<\/a> in flight cancellations \u2014 which The Daily Mail called a \u201cChristmas Flightmare.\u201d Nearly 1,000 flights either entering or leaving the United States were canceled on Christmas Day alone.<\/p>\n<p>The Daily Wire is fighting Joe Biden\u2019s vaccine mandate in federal court. Join us in this fight by <a href=\"https:\/\/lp.dailywire.com\/osha-petition\/\">signing our petition<\/a> to OSHA, telling them that you will not comply with this mandate.<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economists are slashing their growth forecasts for next year due to the Omicron variant of COVID-19. According to The Wall Street Journal, Moody\u2019s Analytics chief economist Mark Zandi downgraded his first-quarter GDP prediction for the United States from 5.2% to 2.2%, as he \u201ccan see the economic damage mounting going into the first quarter.\u201d He &#8230;<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1163005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1163005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1163005"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1163005\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1163005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1163005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1163005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}