The spread of the Omicron coronavirus strain, rising energy prices and supply disruptions, an ongoing slowdown in China’s real estate sector, and a slower-than-expected recovery in private consumption are limiting global economic growth prospects.

The International Monetary Fund released its January report with a revised outlook.

Gita Gopinath, first deputy managing director of the IMF, said, “At the beginning of the third year of the pandemic, the death toll has risen to 5.5 million, and the associated economic losses are expected to be about $13.8 trillion by the end of 2024.”

This year’s global GDP growth rate will be 4.4%, up from 4.9% in the October forecast. In the eurozone, GDP will add 3.9 percent, and growth will slow to 2.5 percent next year.

The IMF’s latest forecast takes into account the impact of the omicron strain on economic activity in the first quarter of this year, but that impact will weaken starting in the second quarter.

The IMF pointed to the possibility of global risks, as geopolitical tensions remain high and the ongoing climate emergency means that the likelihood of major natural disasters remains elevated.