The Omicron variant has spread globally. Leaders hoping lockdowns and travel bans had ended now face disruptions that could affect their economies and popularity. Italy’s PM Mario Draghi has made economic recovery a cornerstone of his leadership, but he is under fire for enforcing some of the strictest vaccine mandates in Europe. His honeymoon period could be derailed if further lockdowns or disruptions send the economy into a nose-dive. Inflation and supply-chain chaos are headaches for America. Uncertainty over Omicron threatens to make things worse after a wobbly economy and a shambolic departure of troops from Afghanistan. Biden’s handling of the pandemic previously inspired voter confidence but has now caused his popularity to drop. It is unlikely that he will take risks that could harm the US economy. China’s president is pursuing an increasingly elusive zero Covid strategy. If Omicron is more transmissible than previous variants, China's leadership could be questioned domestically.