Omicron is slowing down the resolution of the global supply chain crunch, which World Trade Organization head Ngozi Okonjo-Iweala still sees as temporary, despite the anticipated recovery taking longer than expected, according to the Financial Times. The new variant has halted some production and transport in China, and impacted global travel, Okonjo-Iweala said. The path to recovery will resume this year as global demand for goods will be hit by inflation and the widespread easing of pandemic-driven fiscal support, while shipping companies are investing more in supply capacity, she says.

Higher costs may squeeze developing economies: Countries with smaller volumes of trade are at risk of being cut out of long supply chains if transport costs remain high, Okonjo-Iweala says, noting that some structural issues in global supply chains may also persist. The WTO will hold a summit in March bringing together shipping, logistics and trading companies, ministers and trade experts at a meeting in March to discuss how to ease persistent blockages, she adds.

Egypt has felt the supply chain crunch acutely, as the hit to goods has ranged from microchip shortages weighing on our automotive industry, to soaring wheat prices delivering steep import bills, to cost crunches hitting our renewables.

But inflation remains under control, with analysts and economists expecting it to remain within the Central Bank of Egypt’s 7% (+/- 2%) target range, even as it is anticipated to accelerate over the next few months as rising oil and food prices filter through to the local economy.

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Against a backdrop of lockdowns, and a diplomatic boycott, Beijing’s Winter Olympics will kick off this Friday. With an opening ceremony at Beijing’s National Stadium, the games begin as covid infection rates in China continue to surge, while at least eight countries — including the US, UK, Australia, and Canada — are boycotting the games over accusations of abuses in China’s Xinjiang region and tennis star Peng Shuai’s alleged disappearance. Other countries have opted to have their diplomats sit out the Olympics because of covid.

The games will coincide with Chinese New Year, which begins today, and will run through February 20, followed by the Paralympic Games, which will run from March 4 to March 13.

The games will feature 109 events in seven winter sports, including the biathlon, bobsledding, curling, ice hockey, luge, skating, and skiing. It will also feature seven new winter Olympic events.

The opening and closing ceremonies will be held in central Beijing. Beijing is also set to host all Alpine skiing and sliding events, while skiing destination Zhangjiakou’s Chongli district will play host to the rest of the snow events.