Vaccine policy will be the most important economic policy this year as the world tries to rebound from COVID-19. This is according to International Monetary Fund (IMF) chief Kristalina Georgieva
She also added that vaccine policy might beat even monetary and fiscal policy in terms of significance.
The International Monetary Fund announced earlier in April that the end of the crisis was increasingly visible. Now, the IMF raised its economic projections for the global economy. This is based on higher vaccination rates along with the ongoing monetary and fiscal stimulus.
Interestingly, the institution projected global GDP growth of 5% for 2021 and 4.4% for 2022. However, the forecasts are heavily dependent on how vaccination programs develop, including in low-income nations.
In May, the IMF announced that an investment of $50 billion should be spent on expedited coronavirus vaccine rollout. They are predicting that the investment would have a return of $9 trillion.
Moreover, it’s essential to mention that the IMF calls for at least 40% vaccination of the global population by the end of 2021 and at least 60% by June 2022.
As of now, only around 21% of the global population has at least one dose of coronavirus vaccine. In the U.S., 52% of people received the first dose, while in the U.K, 62% of inhabitants received 62%. Meanwhile, in European Union, 45% of people received the first shot.
Countries have developed a certificate, enabling travelers to show their vaccination status
As a way to raise the economic recovery post-pandemic, some countries have developed a certificate that enables travelers to show their vaccination status. At the beginning of June, the European Union’s digital coronavirus certificate program launched in seven countries. Notably, it shows if a person has been vaccinated, has tested negative for the virus, or recently recovered from the COVID-19.
International Monetary Fund chief Kristalina Georgieva said that having a vaccination card that shows your date of vaccination is a very useful tool. This principle could and should apply more broadly.
Moreover, some industries suggest that a vaccination certificate can help bring back large gatherings such as music concerts.
According to the World Health Organization, the worldwide vaccine administration figure has gone above 2.3 billion.
World Bank Group President David Malpass had meetings with leaders from three blocs of nations – the G7, G20, and G24 – and climate action campaigns private sector.
He stated that the Group of 20 or G20 welcomed the acceleration of the 20th replenishment of the International Development Association – the World Bank’s method of providing financing to low-income nations, known as the IDA20 process.