{"id":543997,"date":"2022-02-01T13:59:40","date_gmt":"2022-02-01T13:59:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/omicron-is-prolonging-the-supply-chain-crisis-the-controversial-beijing-olympics-kick-off-on-friday\/"},"modified":"2022-02-01T13:59:40","modified_gmt":"2022-02-01T13:59:40","slug":"omicron-is-prolonging-the-supply-chain-crisis-the-controversial-beijing-olympics-kick-off-on-friday","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/omicron-is-prolonging-the-supply-chain-crisis-the-controversial-beijing-olympics-kick-off-on-friday\/","title":{"rendered":"Omicron is prolonging the supply chain crisis + The controversial Beijing Olympics kick off on Friday"},"content":{"rendered":"

<\/a> Omicron is slowing down the resolution of the global supply chain crunch<\/strong>, 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<\/a>. 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.<\/p>\n

Higher costs may squeeze developing economies:<\/strong> 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.<\/p>\n

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

But inflation remains under control<\/strong>, with analysts and economists expecting<\/a> it to remain within the Central Bank of Egypt\u2019s 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.<\/p>\n

\n

Against a backdrop of lockdowns, and a diplomatic boycott,<\/strong> Beijing\u2019s Winter Olympics will kick off this Friday.<\/strong> With an opening ceremony at Beijing\u2019s National Stadium, the games begin as covid infection rates in China continue to surge, while at least eight countries \u2014 including the US, UK, Australia, and Canada \u2014 are boycotting<\/a> the games over accusations of abuses in China\u2019s Xinjiang region and tennis star Peng Shuai\u2019s<\/a> alleged disappearance. Other countries have opted to have their diplomats sit out the Olympics because of covid.<\/p>\n

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

The games will feature 109 events in seven winter sports<\/strong>, including the biathlon, bobsledding, curling, ice hockey, luge, skating, and skiing. It will also feature seven new winter Olympic events.<\/p>\n

The opening and closing ceremonies will be held in central Beijing<\/strong>. Beijing is also set to host all Alpine skiing and sliding events, while skiing destination Zhangjiakou\u2019s Chongli district will play host to the rest of the snow events.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":543998,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[344,719,633,647,638,463,7198,462,1108,718,658,239,132,715],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-cryptocurrency","tag-diem-association","tag-enterprisepm","tag-facebook","tag-for-your-commute","tag-gaming","tag-meta","tag-microsoft","tag-ngozi-okonjo-iweala","tag-silvergate-capital","tag-sony","tag-supply-chain","tag-trade","tag-world-trade-organization","wpautop","entry"],"acf":{"mongo_id":"cf640725-7e99-4292-84db-71c6c6a3f013","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/401.jpg","photo_position":"above","related_issue":[543993],"teaser":"","voice_url":""},"yoast_head":"\nOmicron is prolonging the supply chain crisis + The controversial Beijing Olympics kick off on Friday - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/omicron-is-prolonging-the-supply-chain-crisis-the-controversial-beijing-olympics-kick-off-on-friday\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Omicron is prolonging the supply chain crisis + The controversial Beijing Olympics kick off on Friday\" \/>\n<meta property=\"og:description\" content=\"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. 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A\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572122,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/turkey-rejects-egypts-ceasefire-proposal-for-libya-wto-leadership-battle-usd-249-mn-for-sinai-development\/","url_meta":{"origin":543997,"position":3},"title":"Turkey rejects Egypt\u2019s ceasefire proposal for Libya; WTO leadership battle + USD 249 mn for Sinai development","author":"enterpriseam admin","date":"11 June 2020","format":false,"excerpt":"Shocking exactly nobody, Turkey has dismissed Egypt\u2019s proposal for a ceasefire in Libya. Turkish Foreign Minister Mevlut Cavusoglu said the call for a ceasefire \u201cdoes not seem sincere and credible,\u201d describing the agreement as \u201cstillborn\u201d because it has not been accepted by both sides, according to Hurriyet. The Donald had\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545400,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/export-controls-could-exacerbate-the-global-food-crisis-is-elon-musk-going-to-create-our-next-facebook\/","url_meta":{"origin":543997,"position":4},"title":"Export controls could exacerbate the global food crisis + Is Elon Musk going to create our next Facebook?","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"Export controls could exacerbate the global food crisis, WTO warns: The Russia-Ukraine war has caused commodity and energy prices to skyrocket in recent weeks, leading many countries to respond with export restrictions as they look to secure their domestic needs. So far, 12 WTO member countries have imposed export restrictions\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/567.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562945,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/the-first-vial-of-made-in-egypt-sinovac-coming-this-week\/","url_meta":{"origin":543997,"position":5},"title":"The first vial of Made-in-Egypt Sinovac coming this week","author":"enterpriseam admin","date":"13 June 2021","format":false,"excerpt":"Egypt is expected to produce its first vial of locally manufactured Sinovac vaccine this week, Prime Minister Moustafa Madbouly said in a statement. Health Minister Hala Zayed said earlier that Vacsera will have produced its first batch of the Chinese vaccine by 15 June, with the vaccines expected to be\u2026","rel":"","context":"In "COVID WATCH"","block_context":{"text":"COVID WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/covid-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543997"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543997\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/543993"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543998"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543997"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543997"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}