Health context

The Omicron tidal wave confirms that this latest variant is now much less dangerous than the previous ones. Combined with the effectiveness of the vaccines, the proportion of critical care admissions has been falling for the last 6 months in France, while in the UK, the number of people admitted to critical care is not much higher than before the appearance of Covid.

This justifies a reduction in sanitary constraints that politicians will nevertheless take some time to grant, even if some countries are taking the lead by announcing that the epidemic phase has passed, leaving an endemic disease (Spain).

However, the United States may be more severely affected due to less vaccination.

Ultimately, the real issue is China's management of Omicron as outbreaks emerge. Can the country afford to continue its zero Covid strategy and disrupt global production chains?


Economic outlook.....