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No global economic recovery in sight without vaccine leadership

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By Song Kyung-jin

Just over a month ago, the mood for the global economy was more positive and optimistic with increasing vaccinations and the fiscal stimulus packages in the United States and around the world. The International Monetary Fund projected a global growth of 6 percent in 2021 and 4.4 percent in 2022 after a contraction of 3.3 percent in 2020. Its growth projections for Asia were even higher with 7.6 percent in 2021 and 5.4 percent in 2022 after a contraction of 1.5 percent in 2020.

The global response to the COVID-19 pandemic holds the key to translating these projections into reality. Little wonder the COVID-19 pandemic and the global economic recovery and growth are the two most important items on the agenda of the forthcoming G7 Leaders' Summit in June and also at the G20 Leaders' Summit in October.

But, alas, we are already seeing cracks in trajectories to recovery. The eurozone has just slipped into a technical recession with slow vaccine rollouts and a third COVID-19 wave. The COVID-19 surge with new variants in India is not only devastating but also signaling a great possibility of the recurrence of surges from which no country can be safely spared and thus raising uncertainties for the global economy.

At present, we see no end in sight to the COVID-19 pandemic, hence no firm sign of a global economic recovery. I thus........

© The Korea Times

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