What are the main concerns about the new Omicron variant?

The B.1.1.529 variant also known as Omicron was first reported to WHO from South Africa on 24 November 2021. WHO designated the variant B.1.1.529 as a variant of concern.

There is not much we know about the virus yet. Researchers in South Africa and around the world are conducting studies to better understand many aspects of Omicron and will continue to share the findings of these studies as they become available.

What we know so far:

According to WHO it is not yet clear whether Omicron is more contagious compared to other variants, including Delta. The number of people testing positive has risen in areas of South Africa affected by this variant.

Primary Pieces of evidence suggest that there may be an increased risk of reinfection with Omicron. people who have previously had COVID-19 could become re-infected more easily with Omicron, as compared to other variants of concern.

Main concerns:

Transmissibility: It is not yet clear whether infection with Omicron causes more severe disease compared to infections with other variants, including Delta.  The data we have yet so far data suggests that there are increasing rates of hospitalization in South Africa, but this may be due to increasing overall numbers of people becoming infected, rather than a result of a specific infection with Omicron. There is still no strong evidence that suggests that the symptoms related to Omicron are deadlier or different from other variants.

Effectiveness of vaccines: There are already so many vaccines that are effective against all the existing variants. WHO is working with technical partners to understand the potential impact of this variant on our existing countermeasures, including vaccines. If the already existing vaccines do not work then that will be a big concern as most of the countries have vaccinated their countries and it will take time to develop a new vaccine that will be effective against this variant too.

Economy: The world has already taken a big blow in 2020 due to the covid-19 pandemic. Most of the countries were in lockdown and traveling was absolutely banned. Ports and airports were closed. The new variant was first reported to the World Health Organization in South Africa less than a week ago, the new strain has rapidly spread everywhere from Africa to the Pacific, and from Europe to Canada, causing dozens of countries to announce travel restrictions. If this continues and the variant actually becomes as deadly as the WHO is saying, then this will again hit the world economy.