The Strategist

Experts: UK economy will suffer $50B losses from Omicron



01/10/2022 - 07:34



The UK economy could suffer almost $50bn in two months due to the spread of the Omicron strain.



Kwh1050
Kwh1050
The spread of the Omicron strain could damage the UK economy to the tune of £35 billion (about $48 billion) in January and February, The Sunday Times wrote, citing analysis by the Centre for Economic and Business Research (CEBR).

The economy's losses are primarily threatened by the isolation of people, which could translate into staff shortages. The amount claimed corresponds to about 8.8% of UK GDP for the first two months of the year, says The Sunday Times. 

The damage was calculated based on the government's estimate of a 25% "exclusion" of people due to Omicron in the country. Even a more conservative estimate of 8% sick and isolated people would be three times the season's average and result in a loss of £10.2bn ($13.9bn), equivalent to 2.6% of the country's GDP, the newspaper added.

The UK, like other countries around the world, is facing a sharp rise in the incidence of COVID-19 due to the spread of the Omicron. As of 8 January, the country had identified 146,390 people infected with the coronavirus in a 24-hour period, adding more than 1.2 million people sickened during the week. 

source: thetimes.co.uk




More
< >

Monday, July 4th 2022 - 11:16 Pfizer: New wave of COVID-19 has already begun

Friday, July 1st 2022 - 03:09 Sri Lanka's economy reaches hyperinflation