Global economic growth depends on Covid-19 vaccination

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Global economic growth depends on Covid-19 vaccination

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9 March 2021

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Paris, Mar 9 (Prensa Latina) The rate of recovering the world economy depends on the speed with which the vaccination process against Covid-19 is carried out, according to the Organization for Economic Cooperation and Development (OECD).

In its Interim Economic Outlook report, released on Tuesday, the OECD forecasts global gross domestic product (GDP) growth of 5.6 percent this year and four percentage points in 2022.

It also expects global production to reach pre-pandemic levels by mid-2021, but the rate and duration of recovery will depend on the race between vaccines and emerging variants of the virus.

Global growth prospects would be better than currently projected and approach projections for pre-pandemic activity if vaccine production and distribution was accelerated, was better coordinated around the world and got ahead of virus mutations, the text says.

In a downside scenario, where vaccination programs were not fast enough to cut infection rates or if new variants became more widespread and require changes to current vaccines, consumer spending and business confidence would be hit, stressed the OECD.

In this context, it expects GDP growth in the United States to be 6.5 percent this year and 3.9 percent in the eurozone.

Prospects are most promising in the Asia-Pacific region, where several countries have effectively contained the virus and where industrial activity has recovered dynamism.