Cargos are loaded into vessels in China. (Photo: Xinhua/VNA)

The IMF attributed the decline to concerns over the Omicron variant, which continues to spread unabated. The global economy has entered 2022 in a weaker-than-anticipated position. Energy price hike and supply disruptions continue to weigh on activity, and inflation has been higher and longer than anticipated.

The world is facing prospects this year, but they are not enough to redeem what the world lost in 2022, according to the IMF report.