Headline, January 28 2021/ ''' '' UNEQUAL VACCINE SHARING '' '''' : THE WORLD



MANY DEVELOPING COUNTRIES - FROM BANGLADESH to Peru, will most likely have to wait until 2024 before fully vaccinating their population.

In capitals like Washington and Brussels, the discussion about the support for the developing world have been framed in moral terms. Leaders have debated how much they can spare to help the planet's least fortunate communities while mostly tending to their own.

A TEAM OF ECONOMISTS AFFILIATED with KOC University, Harvard University and the University of Maryland examined trade data across 35 industries - In 65 countries, producing an extensive exploration of the economic impacts of unequal vaccine distribution.

IF PEOPLE IN DEVELOPING COUNTRIES REMAIN out of work because of lockdowns required to choke off the spread of the virus, they will have less money to spend, reducing sales for exporters the world over.

IN MONOPOLIZING THE SUPPLY OF VACCINE AGAINST COVID-19, wealthy nations are risking more than a humanitarian catastrophe : The resulting economic devastation will hit affluent countries nearly as hard as those in the developing world.

THIS is the crucial takeaway from an academic study scheduled for release. In the most extreme scenario -with wealthy nations fully vaccinated by the middle of this year and poor countries largely shut out -the study concludes that the global economy would suffer losses exceeding $9 trillion, a sum greater than the annual output of Japan and Germany combined.

Nearly half of those costs would be borne by wealthy countries like the United States, Canada and Britain.

In the scenario that researchers term most likely, in which developing countries vaccinate half their populations by the end of the year, the world economy would still absorb a blow of between $1.8 trillion and $3.8 trillion. More than half of the pain would be concentrated in wealthy countries.

Commissioned by the International Chamber of Commerce, the study concludes that equitable distribution of vaccines is in every country's economic interest, especially those that depend on trade. It amounts to a rebuke to the popular notion that sharing vaccine with poor countries is merely a form of charity.

''Clearly, all economies are connected,'' said Selva Demiralp, an economist at KOC University in Istanbul, who previously worked at the Federal Reserve in Washington and who is one the study's authors. ''No economy will be fully recovered unless the other economies are recovered.''

Dr. Demiralp noted that a global philanthropic initiative known as ACT Accerlator - which is aimed at providing pandemic resources has secured commitments for less than $11 billion toward a $38 billion target.

The study lays out the economic rationale for closing the gap. The remaining $27 billion may, on its face look like a enormous sum, but is a pittance compared with the costs of allowing the pandemic to carry on.

The common place idea that the pandemic respects neither borders nor racial and class divides has been promoted by corporate chief executives and pundits. The comforting concept has been belied by the reality that Covid-19 has trained its death and destruction of livelihoods on low-wage service workers, and -

And especially racial minorities, while white-collar employees have largely been able to work safely from home, and some of the wealthiest people can ride out the pandemic yachts and private islands.

But the truth is that ''No economy, however big, will be immune to the effects of the virus until the pandemic is brought to an end everywhere,'' said John Denton, secretary general of the International Chamber of Commerce.

''Purchasing vaccines for the developing world isn't an act of generosity by the world's riches nations. It's an essential investment for governments to make if they want their domestic economies.

The World Students Society thanks author Peter S. Goodman.

With respectful dedication to the Leaders, Students, Professors and Teachers of the world. See Ya all prepare and register for Great Global Elections on The World Students Society : wssciw.blogspot.com and Twitter - !E-WOW! - The Ecosystem 2011 :

''' Rich - Poor '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless


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