Omicron Emergence Revives Fears of Stagflation: El-Erian Posted byThe Epoch Times November 29, 2021 Leave a comment on Omicron Emergence Revives Fears of Stagflation: El-Erian “Now economic growth faces greater challenges,” El-Erian wrote, arguing that the Omicron headlines could revive fears of stagflation, a combination of rising inflation and slowing economic growth.