Omicron: A Test Of Resilence
SME Magazine Singapore|Issue 42, 2021
Global manufacturers have been facing a supply chain crisis since the start of the year. Just as it appeared that the situation was beginning to stabilise, the Omicron Covid variant reared its ugly head.
Omicron: A Test Of Resilence

A World Health Organisation (WHO) drew from the Greek alphabet in naming the variant Omicron, as it has done with earlier variants of the virus. The WHO panel has classified Omicron as a highly transmissible virus of concern, the same category as the predominant Delta variant. The world first became aware of the new variant in early November, after a South African scientist flagged the emergence of the strain. Although Omicron’s actual risks are not yet fully understood, early evidence suggests it carries an increased risk of reinfection compared with other highly transmissible variants, the WHO said.

With the emergence of Omicron, economic experts have warned of disruption to global supply chains, and that ‘disruption risks are higher in Asian, particularly in the economies of India and Asean. During the Delta wave, for instance, they note that production activities in these regions were affected greater than in North Asia.

The source of global supply is primarily in Asia, where many countries are still confronting lockdowns and a challenging recovery from the Covid-19 pandemic. This has created tensions across global trade channels, manufacturing hubs and logistics networks

Fears of more pandemic-induced economic turmoil caused stocks to fall in major bourses around the world. The Dow Jones Industrial Average briefly dropped more than 1,000 points. The S&P 500 index was down 2.3%, its worst day since February while oil price dropped about 13%.

Although Omicron effects remain under study, analysts feel the variant would be a “test of resilience” to the global supply chains which has been battered by the Covid pandemic in the last two years.

COMPOUNDING THE UNCERTAINTY

This story is from the Issue 42, 2021 edition of SME Magazine Singapore.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the Issue 42, 2021 edition of SME Magazine Singapore.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM SME MAGAZINE SINGAPOREView All
Cloud- Driven Recovery
SME Magazine Singapore

Cloud- Driven Recovery

With digital transformation being an important catalyst for Malaysia’s inclusive economic recovery, cloud computing plays an important role that enables . the country to acquire the advantages that technology offers.

time-read
5 mins  |
Issue 40, 2021
SME Magazine Singapore

Live Werkz: Venturing Beyond Southeast Asia

Being forward-looking in its approach has enabled LiveWerkz Pte Ltd to survive the Covid-19 pandemic, says vice president Tricia Ng. Despite being a Singaporean company, the company does not focus its efforts in the Southeast Asia region. Instead, Greater China and the Middle East become the foundation for its businesses. Ng tells SME the company’s strategies in facing a challenging future.

time-read
2 mins  |
Issue 42, 2021
SME Magazine Singapore

Singapore's Go Digital Well Received

More than 78,000 of Singapore’s SMEs have participated in the country’s Go Digital programme since its 2017 launch, with more about 40,000 becoming participants last year, including 30,000 that received Covid-19 incentives from the government.

time-read
2 mins  |
Issue 42, 2021
Accountants And SMEs: Creating A Sustainable World
SME Magazine Singapore

Accountants And SMEs: Creating A Sustainable World

For SME finance professionals, ‘sustainability’ is about achieving longevity. However, there is a confusion over different definitions of sustainability. They recognise the growing importance of tackling sustainability issues but lack the understanding of how doing this can be integrated into day-to-day practices within the finance function.

time-read
5 mins  |
Issue 42, 2021
Rebuilding Our Mental Well-Being In Sales
SME Magazine Singapore

Rebuilding Our Mental Well-Being In Sales

Sue Barrett is a writer, training provider and entrepreneur who founded Barrett in 1995 to positively transform the culture, capability and continuous learning of leaders, teams and businesses.

time-read
2 mins  |
Issue 42, 2021
Omicron: A Test Of Resilence
SME Magazine Singapore

Omicron: A Test Of Resilence

Global manufacturers have been facing a supply chain crisis since the start of the year. Just as it appeared that the situation was beginning to stabilise, the Omicron Covid variant reared its ugly head.

time-read
6 mins  |
Issue 42, 2021
Silver Lining In The Cloud
SME Magazine Singapore

Silver Lining In The Cloud

Although RAS Security Pte Ltd’s business was adversely affected by the pandemic, there’s a silver lining in the cloud. The occurrence has necessitated the company to innovate its business model to remain viable and led to the discovery of new areas of security service provision. Managing director Tejdeep Singh shares his journey.

time-read
2 mins  |
Issue 40, 2021
SME Magazine Singapore

Accelerating Artificial Intelligence

Singapore is introducing two new public artificial intelligence (AI) programmes as part of the strategy to use technology for social and economic good, involving a total allocation of S$680 million to accelerate AI research. The latest initiatives require a funding of S$180 million.

time-read
2 mins  |
Issue 40, 2021
Three Tips For Hiring Top Talents
SME Magazine Singapore

Three Tips For Hiring Top Talents

BIG EGOS LOSE TALENTS First up, when it comes to hiring, you must put aside your ego.

time-read
2 mins  |
Issue 40, 2021
The Economy Is Recovering, But What About People?
SME Magazine Singapore

The Economy Is Recovering, But What About People?

All signs are pointing towards a speedy recovery. Contrary to what this writer initially predicted, the economy seems to be genuinely recovering.

time-read
3 mins  |
Issue 40, 2021