Coronavirus.
Over 130 million infections worldwide
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06 April 2021
Rich countries must find a way to mass-produce low-cost vaccines to protect every person, anywhere in the world, from COVID-19 and avert a global economic catastrophe, with estimated losses of over $ 9 trillion. in 2021 and for Italy a loss of per capita income of 1,495 dollars.
This is the appeal launched at the Spring Meetings of the International Monetary Fund and the World Bank scheduled by Oxfam, a member of the People's Vaccine Alliance.
Oxfam is also asking not to hesitate with the resolution of a new, albeit limited, issue of special drawing rights (SDRs) for $ 650 billion, providing extra liquidity to low and middle-income countries that are in dire need.
The lack of global action for mass vaccinations by advanced economies, Oxfam writes, would lead, according to the most pessimistic estimates of the International Chamber of Commerce, to 9,200 billion dollars in aggregate economic losses at the end of 2021, of which about half would fall precisely on the richest nations.
In detail, according to Oxfam, the US could lose up to $ 2,700 in per capita spending capacity in 2021, or about $ 1,300 more than the subsidy provided by the Biden administration, reaching a decline in national GDP of 1,300 at the end of the year. billions of dollars, while Italy could record a contraction in per capita spending capacity of 1,495 dollars;
Japan of 1,451;
the United Kingdom of 1,380, or about 70% of the average monthly paycheck;
France of 1,239 per capita, equivalent to the average cost of a rent;
Canada of $ 1,979.
India could suffer an economic contraction of up to 786 billion dollars, equivalent to over 27% of the national GDP;
South Africa could see its GDP drop by 24%, with a decrease of about $ 874 in average per capita spending;
the Philippines could record an 18% drop in GDP, with around $ 450 less per capita spending.