Vaccine inequality could cost the global economy trillions, report finds

Vaccine inequality could cost the global economy trillions, report finds

The world economy is set to lose trillions in GDP because of delayed vaccination timelines, with developing economies bearing most of the losses due to the uneven rollout, the Economist Intelligence Unit said in a report. Countries that are not able to inoculate 60% of their population by mid-2022 will lose $2.3 trillion between 2022 and 2025, the EIU predicted. "Emerging countries will shoulder around two-thirds of these losses, further delaying their economic convergence with more developed countries," wrote Agathe Demarais, the EIU's global forecasting director. Asia will be "by far the most severely affected continent" in absolute terms, with losses projected to reach $1.7 trillion, or 1.3% of the region's forecasted GDP. Countries in sub-Saharan Africa will lose around 3% of their forecasted GDP, the highest in percentage terms, according to the report. "These estimates are striking but they only partially capture missed economic opportunities, especially in the long term," the EIU said, noting that the pandemic's effect on education was not taken into account in this forecast. Richer countries pivoted to remote learning during lockdowns, but many in the developing world did not have that option. More than 213 million people have been infected with Covid-19, and at