The economic renaissance hides deep (vaccine) inequality

The global economy as a whole is performing better this year than previous forecasts. But the United Nations warns that the slow release of COVID-19 vaccines in developing countries could seriously hamper the economic recovery there.

The world economy is expected to grow 5.4 percent this year. With that, it is recovering after a 3.6 percent contraction last year, and it is performing better than predicted in January. It is clear from that World Economic Situation and Opportunities-Cooperation UN

Global access to vaccines

However, the UN says the growth prospects of some countries in South Asia, Latin America and sub-Saharan Africa are “fragile and uncertain.” Department of Economic and Social Affairs report says. It has a lot to do with the slow vaccination process.

“Vaccine imbalances between countries and regions pose a significant risk to an already inconsistent and fragile global recovery,” said Elliott Harris, the UN chief economist. “Timely and global access to COVID-19 vaccines could mean the difference between ending an epidemic … or losing many more years of growth, development and opportunity,” Harris said.

“Vaccine imbalances between countries and regions pose a significant risk to an already inconsistent and fragile global recovery.”

China and the United States, whose vaccine programs are advancing rapidly, are facing economic growth of 8.2 percent and 6.2 percent this year, respectively.

On the other hand, Nigeria, Africa’s largest economy, can expect only 1.8 percent growth over the same period. One says that the West African country was able to vaccinate 1 percent of its population Reuters survey.

Unity

The UN has long called for vaccines to be made available to all countries and for more money to be paid in Kovacs. This UN. The initiative seeks to buy 1.8 billion doses this year.

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In March, the UN called on member states to raise .5 16.5 billion to vaccinate poor countries. At the same time, it urged rich countries to provide debt relief and investment to developing countries.

Several reports show that the epidemic has significantly deepened global inequality. In January, Oxfam estimated that the number of people living in poverty worldwide had exceeded two hundred million.

This piece was originally published by IPS Partner Thomson Reuters News Foundation.