Elena Duggar, Associate Managing Director at Moody's, told reporters that the Omicron variant poses risks to global growth and inflation and is also likely to hit demand during the upcoming holiday travel and spending season.

Fitch Ratings said that another large, synchronized global downturn, such as that seen in the first half of 2020, is highly unlikely but the rise in inflation will complicate macroeconomic responses if the new variant takes hold.