The most recent major variant of COVID-19 has been spreading like wildfire, ever since it escaped the bounds of South Africa. The rate of infection has been unprecedented, with countries perpetually setting new records of daily infections, despite moderate to high rates of vaccination. In spite of all that, a significantly lower percentage of people are getting hospitalized, admitted to intensive care, or perishing from the disease. A large percentage of recent COVID-19 fatalities could still be attributed to the Delta variant of the disease, as it is still in circulation.
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Due to the incredibly rapid rate of infection, seen in Omicron, and the much lower death rate, it is highly likely that the majority of people are going to be infected and recover without any serious complications. This, combined with the baseline immunity from the vaccines, could mean that the vast majority of the population is going to be very highly immunized. This could contribute to the end of the pandemic and the transition to an endemic, meaning that COVID-19 might become a season virus, which is easier to contain.
However, scientists are highly divided on whether Omicron is the variant that will end the pandemic. Some say that it is way too early to make any realistic predictions.