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News & Views

Provided by the Investment Professionals of Frost Investment Advisors | January 10 , 2022

Economy Remains Strong Despite Headwinds

Omicron’s Impact on the Economy

With the advent of the fast-spreading omicron COVID-19 variant, there were fears of new widespread shutdowns causing additional shocks through the global economy. The initial response in the U.S. seemed to have a larger impact on foot traffic than the delta variant did. Retail, workplace and transit stations all saw significant declines in traffic. However, this appears to have already peaked, with mobility reverting back toward normal in recent days. This has generally been true for many regions as the wave has hit and crested. But several countries have implemented restrictions in an effort to stem the tide, some of them quite extreme. For example, China’s zero-COVID policy has locked down several regions over the past few weeks. This policy recently hit the Chinese port of Ningbo-Zhoushan, the largest port in the world, hampering its operations significantly. It remains to be seen whether the impact on the supply chain and GDP will be significant.

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