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    Home > Active Ingredient News > Infection > Analysis of the impact of vaccine nationalism on the global economy under COVID-19

    Analysis of the impact of vaccine nationalism on the global economy under COVID-19

    • Last Update: 2021-01-06
    • Source: Internet
    • Author: User
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    Tens of millions of people worldwide are currently infected with COVID-19.
    global vaccine research is under way to bring vaccines to market as soon as possible.
    is currently developing more than 165 vaccines, two of which are already on the market in some regions.
    outbreak of COVID-19 was first and foremost a public health crisis, but it also caused significant damage to the global economy.
    governments spend trillions of dollars fighting the negative effects of the economy until truly effective vaccines are widely available in the market, financial costs will continue to accumulate around the globe.
    physical distance, wearing masks, new crown detection, tracking and tracking programs are currently available and only effective measures to prevent the spread of the new crown virus.
    areas of the economy that rely on human contact, such as entertainment and retail, continue to be affected by the outbreak.
    even if a safe and effective COVID-19 vaccine or treatment is eventually developed, further challenges will arise in the manufacturing and distribution process.
    a threat theory that "vaccine nationalism" could have a negative impact on the management and control of global pandemics.
    with this in mind, researchers are trying to understand how vaccine nationalism will affect the global crisis once the COVID-19 vaccine is developed, and have studied the possible economic impact of unequal access to vaccines.
    key findings 1. Vaccine nationalism could cost the global economy $1.2 trillion a year in GDP.
    2.。 As long as there is no vaccine to prevent the disease, the global economic cost associated with COVID-19 could reach $3.4 trillion per year.
    3.。 If the poorest countries do not have access to vaccines, global GDP could still lose as much as $60 billion to $340 billion a year.
    4.。 For every $1 spent on vaccines for poorer countries, high-income countries receive $4.80 in return.
    study methodology researchers conducted a literature review to better understand issues related to vaccine nationalism and to use macroeconomic computer models to determine what would happen to global economic output.
    the model runs different "what-if" scenarios to study how the economic impact will change if vaccines are not developed or only a few countries or regions are immune.
    analysis of how reduced activity due to distance and changes in consumer behaviour in high-exposure intensive services affects the following economic sectors: hospitality, entertainment, retail and wholesale, transport, health and social care.
    , the researchers used a hypothetical baseline scenario in which vaccines were available in every country in the world.
    the experience of vaccine nationalism shows that Governments tend to respond to previous pandemics in their own interests rather than adopting a globally coordinated approach.
    if countries struggle to get a vaccine supply or hoard key components of vaccine production, vaccine nationalism will occur.
    recognizing this problem, WHO is working with other international agencies, such as the COVAX (Global New Coronary Pneumonia Vaccine Implementation Program) project, to provide equal access to vaccines worldwide.
    so far, commitments from high-income countries have been less optimistic.
    the two scenarios studied several different "what-if" scenarios to determine how much the economic cost would be for the country and the world: 1. There is no COVID-19 vaccine world. > Only vaccine-producing countries have access to vaccines3. Vaccines are available to all high-income and vaccine-producing countries4. All high-income, middle-income and vaccine-producing countries have access to vaccine map 1. Until the full results of the global GDP change survey show that effective vaccines are widely available, distance measures will continue to have a negative impact on key areas of the global economy, particularly those that depend on close human-to-human contact.
    the global economic costs associated with COVID-19 could reach $3.4 trillion.
    the EU will lose about 5.6 per cent of GDP a year, or $983bn; the UK will lose about 4.3 per cent of GDP, or about $145bn; and the US will lose about 2.2 per cent of GDP, or about $480bn.
    vaccine nationalism has led to an unequal distribution of COVID-19 vaccines, which would cost the world as much as $1.2 trillion a year in gross domestic product terms.
    even if some countries try to vaccinate their populations, global economic costs associated with COVID-19 will continue to be associated as long as the virus is not effectively controlled globally.
    even if the global vaccine is provided for economic purposes, nationalism cannot be avoided.
    will cost $25 billion to provide vaccines to low-income countries, according to Oxfam International's 2020 estimates.
    could lose about $119 billion a year if the United States, Britain, the European Union and other high-income countries refuse to supply vaccines to the poorest countries.
    if vaccines were provided, there might be a cost-benefit ratio of 4.8 to 1, i.e. high-income countries would receive a return of $4.80 for every $1 spent in low-income countries.
    if the poorest countries do not have access to vaccines, global GDP could still lose about 153 billion pounds a year.
    ALL high-income countries, as well as countries such as India, China and Russia, are still estimated to lose about $119 billion a year in GDP, the EU about $40 billion a year, the United States $16 billion and the United Kingdom between $2 billion and $10 billion.
    . Table 1. Changes in real GDP per year over baselines ($1 billion) conclude that global competition or vaccine nationalism may prevent the COVID-19 vaccine from reaching those most in need.
    distribution of vaccines may mean preventable deaths for vulnerable groups in some countries.
    long term, investing in vaccine development and equitable access to vaccines will benefit economically.
    major economies currently spend relatively little on vaccine development and distribution compared to the economic losses associated with COVID-19, making it more commercially meaningful to invest more in vaccine development and distribution.
    can also be the basis for promoting global cooperation.
    in order to encourage the international sharing of vaccines, an enforceable framework for vaccine development and distribution needs to be established, managed by specially established centres.
    all countries need to be bound by the agreement, rather than restricting supply in accordance with their own interests.
    efforts to support vaccine distribution will take a considerable amount of time and may go beyond most political cycles.
    , global cooperation has also helped to shift short-term thinking away from decision-making and to focus more on the long-term development of global population health and economic development.
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