The emergence of the Omicron variant of the novel coronavirus has seen the world economy off to a worst start in the 2022 new year than anticipated, according to the International Monetary Fund (IMF). As pandemic approaches the start of its third year, the IMF has said, in an update to its October World Economic Outlook, that inflation is higher and more extensive than predicted due to increasing energy prices and disruptions in supplies. “The last two years reaffirm that this crisis and the ongoing recovery is like no other,” said Gita Gopinath, IMF’s first deputy managing director and former chief economist. “Policymakers must vigilantly monitor a broad swathe of incoming economic data, prepare for contingencies, and be ready to communicate and execute policy changes at short notice.” The IMF has dampened its expectation for global economic growth, reducing its forecasted figure from 5.9 percent in 2021 to 4.4 percent …