With the Corona pandemic entering its third year, the mutant “Omicron” deals a new blow to the global economy, as it is a burden on growth and a driver of inflation.

According to Bloomberg’s latest estimates, the global economy will grow by just 0.7% in the last three months of 2021, half the pace of the previous quarter, and less than the 1% rate recorded in the last quarter just before the pandemic.

The Eurozone is on track to grow by 0.8% in the fourth quarter from the third, 0.3% lower than expected in November. While the United States recorded a slight growth rate of 1.2%.

In emerging markets, and on an annual basis, the current quarter witnessed a decline in China to a growth rate of 4.5%, while Brazil fell to a growth rate of 0.2%, as well as Russia, India and South Africa declined.

“With 2021 coming to a close, the global economic recovery risks being derailed by the ‘Omicron‘ variant of the coronavirus,” says Tom Orlick, chief economist at Bloomberg Economics. “Europe appears particularly vulnerable, with recoveries in Germany, France and Italy coming under increasing pressure from an increase in the number of virus cases,” he added.