FAILURE OF RICH COUNTRIES TO HELP POOR COUNTRIES WITH VACCINATION POSES A RISK FOR WORLD ECEONOMIC GROWTH
Written by Sarah Osanyinlusi on December 2, 2021
Failure of the world’s rich nations to help vaccinate the poorest nations poses a continual cycle of economic shocks and restrictions in the face of new variants says Chief Economist, Organisation for Economic Co-operation and Development, OECD, Lawrence Boone.
Lawrence while unveiling the OECD’s latest set of economic forecasts said “As long as the global population is not vaccinated, this type of variant can come in and bring restrictions,”.
She added that “As long as the world stays as it is, what we’re going to see is countries which are going to have to shut down their economies or will have to close their borders and all the disruption of production chain across the globe.”
The economic outlook warned that while the global recovery was progressing, it had lost some momentum and was becoming increasingly “imbalanced”, with some parts of the world bouncing back quicker than others.
Much of this divergence was correlated with vaccination status, with lower-income countries with low levels of vaccinations struggling economically.