EIU: Slow COVID-19 Vaccination Expected to Cost the Global Economy $2.3 Trillion

According to a report released by the Economist Intelligence Unit (EIU), countries that failed to vaccinate 60% of their population by mid-2022 are projected to incur a US$2.3 trillion loss in global economic output/Gross Domestic Product (GDP) from 2022-2025.

This report also states that poor and developing countries that were slow in implementing vaccination programs suffered greater economic losses compared to developed countries that vaccinated their populations more quickly.

Countries in the Asia-Pacific region are projected to suffer the most significant losses due to slow vaccination programs, accounting for 73% of the global economic loss (US$1.7 trillion). However, in terms of percentage of GDP, sub-Saharan African countries will suffer the worst losses at 2.9%.

Around 60% of the population in developed countries had received at least one dose of the Covid-19 vaccine by the end of August, compared to only 1% of the population in poor countries.

The slow vaccination programs in these regions are attributed to several factors, such as the high cost of purchasing large quantities of vaccines, a lack of adequate logistical infrastructure for distribution to various areas, and a shortage of healthcare workers to administer the injections.