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BUSINESS & ECONOMYCOVID-19 NewsNEWSNEWSLETTER

UN Draws Parallel Between Quick Economic Recovery, Vaccine Equity

FG Spent $29m On COVID-19 Vaccine - Health Minister

The United Nations has said that inequities in the distribution of COVID-19 vaccine globally would affect global economies.

This was disclosed in the World Economic Situation and Prospects (WESP) report that noted the fragility of the world economy.

It said that “Vaccine inequity between countries and regions is posing a significant risk to an already uneven and fragile global recovery.

“Timely and universal access to COVID-19 vaccinations will mean the difference between ending the pandemic promptly.

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“It will place the world economy on the trajectory of a resilient recovery, or losing many more years of growth, development and opportunities.”

The economic output of developing economies in 2021, according to the report, would fall below what was recorded in 2019.

It said, “For a vast majority of developing countries, economic output will remain below 2019 levels for most of 2021.

“Amid insufficient fiscal space to stimulate demand, many of these countries will face low and stagnant growth and the prospect of a lost decade.”

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