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Slow vaccination of Covid-19 will cost the global economy $2.3 trillion, according to a report.

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clark joesph
Slow vaccination of Covid-19 will cost the global economy $2.3 trillion, according to a report.

The global economy will lose $2.3 trillion due to the delayed introduction and administration of the COVID-19 vaccination.

According to a research published by The Economist, emerging and developing nations would face the brunt of the losses since their vaccine rollouts lag significantly behind those of wealthier ones.

The research comes as developed countries begin to offer booster doses to their people, but international efforts to provide vaccinations to other countries remain insufficient.

According to the research, nations who do not vaccinate 60% of their populations by mid-2022 will suffer costs of two trillion euros between 2022 and 2025.

It cautioned that delaying vaccination distribution might feed anger, raising the risk of civil upheaval in poorer countries.

In absolute terms, the Asia-Pacific region will be the most impacted, accounting for roughly three-quarters of the losses.

However, Sub-Saharan Africa will suffer the greatest losses in terms of GDP.

According to the report, over 60% of the population in higher-income countries had gotten at least one dose of the coronavirus vaccination as of late August, compared to only 1% in poorer countries. For most injections, two doses are necessary to be completely immunised.

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