Vaccinate the globe or pay, warns Oxfam

Oxfam Wealthy countries must promote cheaper mass-produced COVID-19 vaccines to protect everyone in the world to avoid the $ 9 trillion worst-case global economic catastrophe I warn you that you have to.

Recent Oxfam analysis International Chamber of Commerce The figures highlight the economic implications of trading partners who do not have the same level of vaccination rates, and failure to vaccinate the world fast enough could cost $ 1,348 per Australian this year. It was revealed that there is.

Efforts to address the chronic global shortage of vaccines — which is causing trade disputes and economic shocks between countries — will be featured in Spring Meeting of the World Bank and the International Monetary Fund (IMF) It will be held from April 5th to 11th.

The current approach to global production and distribution of the COVID-19 vaccine is far below what is needed. According to Oxfam, COVID-19 soars, mutates and continues to kill, while continuing to cause economic turmoil and requires urgent action.

“Developed countries defend the interests of the pharmaceutical sector for citizens, other businesses, and the economy as a whole,” said CEO Lin Mogen. Oxfam australia (This is part of People’s Vaccine Alliance). “It’s a strange act of financial and financial self-harm. They blame everyone for suffering from the consequences.”

Oxfam, along with other members of the People’s Vaccine Alliance, is calling for the elimination of extreme vaccine inequality. It sees rich countries vaccinated once per second, while many developing countries have not yet given a single dose. The Alliance lifts drug monopoly and intellectual property rules to allow leaders in other wealthy countries, including US President Joe Biden and Australian Prime Minister Scott Morrison, to expand global vaccination We are calling for immediate support for.

The International Chamber of Commerce says that vaccine inequality on a scale today could cost the world about $ 9.2 trillion in economic losses in the worst-case scenario, with developed countries suffering half of the blow. I’m estimating. Based on the results of this study, Oxfam calculates that these losses are equivalent to:

  • In Australia, household spending this year is up to $ 1348 per person.
  • The United States could lose up to $ 2,700 per capita in 2021. That’s $ 1,300 more than the recent stimulus they each received from President Biden’s administration. Overall, the United States could lose $ 1.3 trillion in GDP as much as its share of the cost of vaccine inequality.
  • The UK can face losses of up to $ 1380 on everyone’s spending. Similarly, France lost $ 1239 per person in 2021, which is roughly equivalent to monthly rent.

Per capita losses on household spending in Japan and Italy in 2021 could be approximately $ 1451 and $ 1495, respectively.

But these same rich nations are one of the opposition to the World Trade Organization (WTO) move to break India’s and South Africa’s monopoly on major pharmaceutical companies. This move will help other manufacturers mass-produce more and cheaper vaccines.

“The United States, United Kingdom, Germany, France, Japan and Italy could lose as much as $ 2.3 trillion in GDP this year unless they stop fighting on behalf of a few major pharmaceutical companies to retain their vaccine’s intellectual property. There is sex. Quartz apparently failed both them and everyone else, “Mogen said. “It’s a belief.”

Vaccine inequality is even more damaging to low- and middle-income countries.

  • Global vaccine inequality could cause India to lose $ 786 billion in GDP, or more than 27%.
  • In South Africa, GDP will fall by 24% and household spending in 2021 could cost nearly $ 874 per capita.
  • The Philippines could be deprived of up to 18% of GDP this year due to vaccine inequity. That’s about $ 450 per person in household spending.

“This clearly reminds us that vaccine inequality has a real financial impact on all of us, even if the solution looks head-on at our leaders. The wealthiest people We can handle this cost well, but we expect everyone in every country in the world to pay and struggle. Above all, they are poor, “says Mogen.

“If WTO members give up their intellectual property, as required by India, South Africa and nearly 100 other countries, people’s vaccines will be possible. Pharmaceutical companies will do the right thing and do the right thing. WHO Corona Virus Technology Access Pool (C-tap).

“Countries around the world, including the wealthiest G20, will meet this week to discuss the global economic and health crisis. This is a great opportunity for a breakthrough.”

Image credit: © / au / kalafoto

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