Washington/New Delhi | Jagran World Desk: Omicron variant of COVID-19 may make the global economic health worse due to labour shortage and supply chain stoppages, World Bank warned on Tuesday. In its latest Global Economic Prospects report, the World Bank pointed out while the global economic growth in 2022 will decline from 5.5 per cent to 4.1 per cent this year, India’s economy will stand at a brighter spot with 8.3 per cent growth projection for 2022-23. For 2023-24, the growth forecast for India has been increased from 6.8 per cent to 8.7 per cent.

World Bank President David Malpass expressed worry about the "huge toll" the COVID-19 pandemic is inflicting on people in poor countries, which could have ramifications for the future.

"We are seeing troubling reversals in poverty, nutrition and health. The reversal and education or scope from schools closures will have a permanent impact," World Bank president told a group of reporters.

“I'm very worried about the permanent scar on development,” he said further.

Pandemic raised inequality, disrupted education worldwide: World Bank

World Bank said that COVID-19 pandemic disrupted the dissemination of education worldwide and partly reversed the gains of last two decades

“The pandemic has raised global income inequality, partly reversing the gains that were achieved over the previous two decades. It has also increased inequality in many other spheres of human activity — in the availability of vaccines; in economic growth; in access to education and health care; and in the scale of job and income losses, which have been higher for women and low-skilled and informal workers. This trend has the potential to leave lasting scars: for example, losses to human capital caused by disruptions in education can spill over across generations,” said the report.

70 per cent populations in many economies will be vaccinated: World Bank

The World Bank also expressed optimism on the pace of COVID-19 vaccination in parts of the world. However, they also added that the vaccination progress is uncertain in other parts of the world.

"The share of vaccinated population in many economies is expected to surpass 70 percent by mid-2022, but the prospects for vaccination progress remain uncertain in some countries," especially in the poorest nations, the report said.

“At recent vaccination rates, only about a third of the LIC (low income countries) population will have received even one vaccine dose by the end of 2023,” the report added.

Posted By: Mukul Sharma