'People need to be vaccinated' - IMF worries vaccine leading to economic disparity

Record ID: 1629021

  • Title: 'People need to be vaccinated' - IMF worries vaccine leading to economic disparity
  • Date: 27th July 2021
  • Summary: GHAZIABAD, UTTAR PRADESH, INDIA (FILE - MAY 3, 2021) (REUTERS) SON AND WIFE OF 52-YEAR-OLD COVID-19 PATIENT, NANHE PAL, PUMPING HIS CHEST AS HE RECEIVES OXYGEN VARIOUS OF COVID-19 PATIENTS RECEIVING OXYGEN
  • Embargoed: 10th August 2021 20:02
  • Keywords: COVID-19 IMF International Monetary Fund global outlook Philippa Dunne coronavirus economic projections pandemic vaccine
  • Location: SEE SCRIPT BODY FOR LOCATIONS
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  • Country: USA
  • Topics: Budget/Taxation/Revenue,Government/Politics,United States
  • Reuters ID: LVA004ENMAB0N
  • Aspect Ratio: 16:9
  • Story Text: The International Monetary Fund on Tuesday (July 27) maintained its 6% global growth forecast for 2021, upgrading its outlook for the United States and other wealthy economies but cutting estimates for developing countries struggling with surging COVID-19 infections.
    The divergence is based largely on better access to COVID-19 vaccines and continued fiscal support in advanced economies, while emerging markets face difficulties on both fronts, the IMF said in an update to its World Economic Outlook.
    "Close to 40% of the population in advanced economies has been fully vaccinated, compared with 11% in emerging market economies, and a tiny fraction in low-income developing countries," Gita Gopinath, the IMF's chief economist, said during a news conference.
    "Faster-than-expected vaccination rates and return to normalcy have led to upgrades, while lack of access to vaccines and renewed waves of COVID-19 cases in some countries, notably India, have led to downgrades," she said.
    "It's all really clear... the disparity in vaccination rates and the availability of vaccines... people need to be vaccinated," said co-editor at TLRanalytics Philippa Dunne. "It's just going to get worse until people are vaccinated. And I would love to see the money that was sending people into certain areas of the world or out of the world, instead, sending vaccines to countries that need them."
    The Fund left its policy prescriptions for countries largely unchanged: prioritize health spending, especially for vaccinations, support vulnerable households and firms and invest in education, training and projects that boost productivity, and accelerate the transition to a low-carbon economy.
    (Production: Roselle Chen, David Lawder)
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