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Jan 26, 2021
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How much will the economy lose from the uneven distribution of the vaccine?

The global economy collapsed due to the coronavirus pandemic: its consequences were twice as bad as those of the 2009 crisis, the UN said.

“In 2020, the global economy contracted by 4.3%, which is more than two and a half times more than during the 2009 global financial crisis. The modest 4.7% recovery expected in 2021 is unlikely to offset the loss of 2020, ” says the report of the Organization “World Economic Situation and Prospects”.

Economists hope COVID-19 vaccinations will help revive the economy. According to the January World Bank survey, global GDP will grow by 4% in 2021, but on the condition that “the initial introduction of the vaccine becomes widespread within a year.”

Now vaccines against COVID-19 are distributed unevenly: most of the drug was purchased by rich states. Mid january Director-General of the World Health Organization (WHO) Tedros Adan Ghebreisus reported that vaccine use began in 42 countries, of which 32 have high per capita incomes and six have medium incomes.

The uneven distribution of vaccines will cost the global economy $ 9 trillion, Gebreisus said. Half of this amount will go to the rich countries. So, the United States will pay for this from 45 billion to 1.3 trillion dollars. Great Britain – from 8.5 to 146 billion dollars, Germany – from 14 to 248 billion dollars.

“Nationalism about vaccines can serve short-term political goals, but it is in the further economic interest of each country to maintain equity in vaccine distribution.” noted the head of the WHO. He stressed that while the issue is being discussed, “wealthy countries are using vaccines, and the least developed sit and wait. ” Every day the gap between the wealthy and the poor is widening, Gebreisus added.

The World Bank previously acknowledged that the COVID-19 pandemic with restrictive measures has crippled efforts to fight poverty. World Bank experts predict that tens of millions of people may find themselves in extreme poverty: in 2021, their number will reach 150 million.

“Humanity will pay a colossal price for COVID-19. A pandemic and global recession could lead to the fact that 9.4% of the world’s population will fall into absolute poverty, ” stated World Bank President David Malpass.

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