A new COVID-19 variant, Omicron, has emerged from South Africa, indicating that the pandemic will not be over anytime soon. An unimaginable amount of economic damage has resulted from the pandemic. Omicron and its economic implications are discussed in detail in this review article. It also includes statistics on occurrence, mortality, and recuperation in Pakistan and data on the country’s immunization coverage. Developing countries with unstable economies, such as Pakistan, have experienced increased economic difficulties. As a result, all developed and underdeveloped countries should strictly adhere to preventive measures and improvements in diagnostic tests and vaccine development to bring the pandemic under control.