Spending $50bn on vaccination could save the world economy, OECD

Itcouldcostaslittleas$50billiontosavetheglobaleconomy.

That’stheamountneededtovaccinatetheworld, ameasurethat’skeytoendingthepandemicand

tacklingtheimbalances

“plaguingtherecovery,”accordingtoOECDChief

EconomistLaurenceBoone.

“Whenyoubalancethingsout, $10trillionforsupportingtheeconomygoingthrough

thepandemiccompared

withatiny$50billiontobringthevaccinetotheentire

worldpopulation,that

lookscompletelydisproportionate,”shetoldBloomberg

TelevisioninaninterviewWednesday.Thefirstnumberis

theamountspentbyGroupof20countriesto

mitigatingtheeconomicimpactofCovid-19.

Theemergenceofomicronincreasestheuncertaintyalready

weighingonthe

globaleconomicoutlookandhighlightsvaccinationshortcomings,

shesaid.WhiletheParis-basedorganizationdidn’tdirectlyaccountforthatstraininits

newforecasts,it

emphasizedcontinuedpandemicrisksandurgedgovernments

toaddresslow

inoculationratesinsomeregionssoasnottocreate“breeding

groundsfor

deadlierstrains.”

Note:Highincome,highermiddleincome,lowermiddleand

lowincomecountriesrefertotheWorldBankstandard

groupings.Alldoses,includingboosters,are

countedindividually.Asthesamepersonmayreceive

morethanonedose,the

numberofdosescanbehigherthanthenumberofpeople

inthepopulation

Ontopoftightervirusrestrictionsincludingrenewed

lockdownsinsomeparts, OECDmembersarebattling

soaringinflationandhold-upsinglobalsupplychainsthatarestarvingfactoriesofcomponents.