According to the analysis, if vaccine access was equitable, it could create at least US 466 billion in economic benefits by 2025.
A new report by Euroasia Group, a political research and consulting firm, states that the global economy may suffer substantial damage if lower income economies do not have sufficient access to COVID-19 vaccines.
The report’s analysis implies that leaving low and lower-middle income countries (LLMICs) to secure vaccines will cause significant damage on the global economy that may put decades of economic progress and growth at risk.
According to a statement by The World Health Organization (WHO), the economic benefits of a global equitable vaccine distribution solution for just the countries included in the report would be at least US 153 billion in 2020/2021.
WHO shares the report in order to promote action and investment in its Access to COVID-19 Tools (ACT) Accelerator, which promotes global collaboration to develop tests, treatments and vaccines, including a global vaccine allocation plan, known as Covax.
Fast, widespread, and fair distribution of vaccines, tests, and treatments will allow policy makers to return their focus to their country’s core development goals to raise living standards, empower women and minorities, and improving government institutions states the report.
It also adds that foreign aid to LLMICs is projected to decline in the coming years, with ACT donor countries expected to become more focused on their own domestic economies. The disruption of aid to LLMICs during and post-pandemic could reverse years of economic development.
According to the analysis, if vaccine access was equitable, it could create at least US 466 billion in economic benefits by 2025 for 10 of the world’s largest donor countries. The countries are Canada, France, Germany, Japan, Qatar, South Korea, Sweden, United Arab Emirates, United Kingdom and the United States.
Egypt is part of 92 economies approved be supported the COVAX Advance Market Commitment (AMC) announced in July 2020.
