According to Bloomberg, the OECD unveiled that it would cost $50 billion to vaccinate the world. It is necessary to stop the Covid-19 pandemic and tackle the issues “plaguing the recovery”.
OECD Chief Economist Laurence Boone supposes that $50 billion is a very small sum compared to $10 trillion allocated to support the global economy. The whole sum was spent by Group of 20 countries to mitigate the economic impact of Covid-19.
She also thinks that the emergence of Omicron, a new virus strain, caused uncertainty in the global markets. This, in turn, is worsening the global economic outlook and highlights vaccination shortage. OECD members do not account for the new strain in their forecasts, but they believe that there are still risks of a new coronavirus wave. The organization also urges governments to set the issue of low vaccination rates that are recorded in most regions. The fact is that such a situation is creating “breeding grounds for deadlier strains.”
OECD members support tighter quarantine measures. In addition, they are battling surging inflation that causes disruptions in the global supply chains, thus leading to the lack of components in factories.
