Economists are downgrading their global economic growth forecasts for Q1 2022, due to diminished economic returns in December, as businesses and customers struggle with the sudden spread of the Omicron variant. Analysts had anticipated that a winter wave of COVID would lead to a downturn in Q1 2022, but many were caught off guard by the severity of variant’s effects on the markets. Thousands of flights have been cancelled in recent weeks, with back-to-office plans being shelved by major companies since the variant hit the United States in late November. The entertainment and retail sector in the United States have been hit especially hard, with professional sports venues, theaters, and Apple stores facing temporary shut downs. Businesses are suffering from an already severe labor shortage and many customers are increasingly avoiding public venues such as restaurants and stores to avoid illness. Economic fears continue despite a Dec. 27 announcement from the U.S. …