Like many international organizations, governments, and business leaders around the world – including our clients – FrontierView is working quickly to parse information on the Omicron variant. Already, concerns about the potential for higher transmissibility and immune escape have forced new travel restrictions. Those restrictions will deal a blow – at least temporarily – to the fledgling recovery in global tourism. Markets have swooned, and economists are rushing to estimate the impact of the Omicron variant on global GDP.
Implications for MNCs
Beyond the immediate impacts on travel and the markets, further macro implications are difficult to state with confidence. That’s because so much depends, not only on details about the virus – which we’re discovering day by day – but also on the political factors that drive policy in individual countries. It’s enough to make any executive want to throw out plans and slip into a reactive stance. Although the emergence of the Omicron variant has underscored the need for continued market monitoring, it’s also shown the importance of identifying downside scenarios and building contingency plans.
Events to Watch for 2022
The emergence of a new variant that undercuts vaccine immunity is a distinct scenario we have identified in our Events to Watch for 2022 report. Some macro trends, including higher-for-longer global inflation, are probably here to stay – regardless of what happens with the Omicron variant. FrontierView is here to help you think through what Omicron and other factors will mean for your business next year.
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