Global Economy Remains Hostage To Uncertainty Due To Omicron: RBI

The global economy is still troubled by uncertainty, with the Omicron variant of COVID-19 prompting further containment measures, according to the RBI. With the reinstatement of travel restrictions and quarantine laws at key ports and airports, the rise of Omicron has increased the threats to global trade, according to the report. "The looming threat of Omicron calls for observing greater caution," RBI stated.

According to the International Monetary Fund, global debt surpassed $226 trillion in 2020, the highest level since World War II. According to the reports, wealthy countries accounted for 90% of the debt growth last year. It said that "the large increase in debt was justified by the need to protect people's lives, preserve jobs, and avoid a wave of bankruptcies."