The world is facing dire consequences of the coronavirus pandemic. Lockdowns, social and travel restrictions, disruptions of production, cut off supply chains have created a new face of the world. Big economies are putting in a lot of cash to keep the economy afloat. The Winter surge of COVID-19 has raised new and complex questions. is the vaccine a solution to all the problems?
Will it be an elixir to the economic woes? How quick? How far?
An effective vaccine, without any doubt, has kindled hope of getting back to normal. But the estimation and expectations of policymakers that the pandemic would be under control within a matter of months have already been failed. Clinical trials are taking place globally while Pfizer and BioNTech are on the way to get authorization by the end of this month.
While a successful vaccine will help the economy to recover in the upcoming months, but this recovery is dependent on many factors. First of all, the trail is demanding. It will take many to test and administer the vaccine to enough people before mass production. Lockdown measures have been reimposed across the West will further hinder difficulties to achieve the targets. Mass production of a vaccine that is needed globally is another challenge along with its availability.
The price affordability also plays a key role in how easily accessible it will be and how quickly it is distributed. Wealthy and developed countries will undoubtedly be able to address the pandemic first as many countries have already placed orders for the vaccine in huge doses. This raises the question, “How long will it take for developing countries to get their hands on the vaccine?” At the end of the day, many experts think it will take up to two years to fully recover from the effects of the pandemic and for things to back to the normal speed of life.
https://www.wsj.com/articles/a-covid-19-vaccine-would-boost-the-global-economy-but-not-all-at-once-11605087345
2 comments:
Economic recovery is likely to be "unstable", in particular in the united states which is the most affected country with currently more than 11 millio cases. Despite the prospect of a vaccine, "we could still face recurring cycles of accelerating viral spread and tightening restrictions until widespread immunity is achieved. Therefore the main challenge for policymakers I believe will be to bridge the gap until vaccination is well advanced and the recovery can build its own momentum
It would take us a few years to fully recover from the pandemic. Even if the vaccine is introduced, it may not be very effective. We'd have to wait a while before we even know if the vaccine is effective. Additionally, there is a huge chunk of population that does not. believe in COVID or vaccines, and if the entire population does not take the vaccine then the results may not be as good as we want them to be.
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