China should review its strict approach to the Coronavirus since the speed at which the Omicron variant is spreading is different from previous waves of the virus, according to International Monetary Fund (IMF) Director Kristalina Georgieva.
The IMF head also has the impression that the strict restrictions imposed, for example, on factories and ports are beginning to look more and more like a burden, hampering economic recovery in China and even in general, Belga news agency reports.
Speaking on the U.S. news channel NBC, Ms. Georgieva noted that while China’s approach had succeeded at first, it now entailed more risks than advantages.
Omicron is known to be highly contagious but less pathogenic than previous variants. For some time now, China has been applying very strict quarantine rules for people testing positive for the virus and barring them from going to work. The Chinese authorities also do not hesitate to impose heavy restrictions, for example, on the transshipment of goods.
Navigation at Chinese ports has been again seriously disrupted by the pandemic, with shipping schedules beset by delays and deviations. The Toyota car manufacturer, for example, has had to close one of its factories. These disruptions create problems the world over since they have an adverse effect on businesses’ supply chains.
The IMF is scheduled to publish its latest global economic forecasts next week, somewhat later than originally scheduled since the organization said it needed time to factor the new wave of the virus into its calculations.
Ms. Georgieva had already warned last month that the new global economic growth estimates would probably be gloomier than those of last autumn.