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The introduction of the Covid-19 vaccine will revitalize the global economy next year

 


Obtaining a vaccine that will help contain the new coronavirus will provide a significant boost to the 2021 global economy, but the initial geographical distribution of its benefits will depend on which vaccine candidate works first. Let’s do it.

Public health authorities around the world increasingly believe that at least one of the vaccines currently in the late stages of the trial will be available.They say One or more may be available By the end of this year, it had spread to a larger population by 2021 due to a small number of vulnerable people. And economists are increasingly incorporating that development into their predictions.

A group of researchers at the Center for Global Development have a 50% chance that a vaccine that is safe and effective enough to be approved by strict regulators will be available by April 2021, with a probability of 85. Estimated to be%. This year’s. However, manufacturing challenges mean that by September 2023 it is unlikely that sufficient doses will be available to cover the world’s population.

However, it is unlikely that an effective vaccine will be available everywhere at the same time. In the rush to develop vaccines, several governments have helped fund research and development and have signed up for early delivery of specified numbers of doses. No one has access to all front runners, and the initial economic impact depends on who first crosses the threshold.

This means that certain countries or regions are in a better position to get first from certain vaccines than others. Rich countries that have the money to spend on agreements with many vaccine developers know that they may fail, but most developing countries are likely to gain access to successful vaccines later. It is set to receive a greater boost than the country.

According to the World Health Organization, there are 170 vaccine candidates under development, 26 of which have been tested in humans.8 of them Nearing completion of the final stage of testing, Some are likely to be available in 2021.

According to Deutsche Bank analysts, the candidate with the widest potential distribution is under development at Oxford University in the United Kingdom in collaboration with a pharmaceutical company.

AstraZeneca

PLC.

“Oxford / AstraZeneca vaccine is a leading candidate for consensus, and most governments around the world have a significant amount,” an analyst at Deutsche Bank wrote in a note to its customers. “If it is successfully deployed, its benefits will be distributed very symmetrically between regions.”

Other vaccines can have geographically limited effects, at least initially. The UK has agreements with the largest number of vaccine developers,

modern Co., Ltd.

If the company succeeds, North America will probably get off to a good start. The same applies to the lesser degree of vaccines being developed by.

Pfizer Co., Ltd.

And German partners

BioNTech SE,

Although the partnership also has agreements with many European governments.

There are other candidates who may be on the sidelines of the United States. China has half of the eight candidates in the final test, and their success is in favor of the world’s second-largest economy and many developing countries over the United States and Europe. For example, the success of the Chinese company Sinovac Biotech SVA.O is particularly good news for the Indonesian economy, as the government puts most of its trust in its candidates.

Extensive vaccination is the key to returning the global economy to a more normal pattern of activity. It is especially useful for activities that require physical proximity, such as public transport, live entertainment, and dining in restaurants. It will also allow many workers to return to office buildings and revive stationary cities by pandemics.

The International Monetary Fund warns that uneven access to vaccines will hinder the recovery of the global economy and delay it even in countries where access to vaccines is actually successful. It is a view shared by other international organizations.

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“Vaccine nationalism only perpetuates the disease and prolongs global recovery,” said WHO Executive Director Tedros Adhanom Ghebreyesus.

That does not mean that the countries that did not initially deploy successful vaccines will be completely avoided by the economic recovery. The mere outlook that vaccines will eventually become available has the potential to increase business and consumer confidence, especially in areas such as tourism.

The Organization for Economic Co-operation and Development expects the vaccine to be widely deployed by the end of next year. In that sense, the global economy is expected to grow 5% in 2021 after shrinking 4.5% this year. However, if the “signed” deployment is set up more quickly, research institutes estimate that the global economy could grow by 7%, which would be a huge leap forward.

The magnitude of the financial boost also depends on the willingness of the vaccinated people. In many developed countries, skepticism about vaccines and their side effects has increased in recent decades.Those Concerns may increase Due to the fact that the development and testing of coronavirus vaccines is taking place much faster than usual.

A Pew Research Center survey of 10,093 Americans conducted on September 8-13 found that 72% to 51% of May were definitely or probably vaccinated.Virus containment expert estimates A vaccination rate of about 60% to 70% is required To be successful, this may not be enough to contain the virus.

Write to Paul Hanon [email protected]

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