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Vaccine Inequity Lies at the Heart of the Two-Tiered Global Economic Recovery

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By John Manning, International Banker

 

According to the World Bank, the global economy is expected to expand by 5.6 percent in 2021, the fastest post-recession pace in 80 years. The strong rebound is being largely attributed to pronounced recoveries materialising among a few economically advanced countries. But while those developed economies are undoubtedly leading the global recovery, much of the developing world remains left behind as the COVID-19 pandemic continues to severely restrict economic activity in many of the world’s poorest countries, where vaccination rates have been astonishingly low. With such a clear divide evident between developed and developing nations, much of the world is now, understandably, decrying the distinctly “two-tiered” nature of this global economic recovery.

The United States, in particular, is emerging as the leader among the world’s major economies, particularly on the back of the massive…

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