OECD: The global economy will pick up depending on vaccination progress

Released on 21.09. 2021

  • Syringes filled with the vaccine from Biontech / Pfizer against Covid 19. Photo: Bodo Schackow

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International cooperation in vaccination is essential for fighting pandemics, according to the OECD. At the same time, the economy is recovering compared to the previous year.

Paris (dpa) – According to a forecast by the industrial nations organization OECD, the world economy is growing much faster than expected in view of the pandemic a year ago Support measures-driven recovery inconsistent, said the Organization for Economic Co-operation and Development (OECD) on Tuesday in Paris. It expects global economic growth of 5.7 percent this year and 4.5 percent next. For Germany, the OECD expects growth of 2.9 and 4.6 percent respectively.

“The world economy is picking up again strongly,” said OECD Secretary General Mathias Cormann. “We owe this to the determined action of the governments at the height of the crisis.” However, progress is uneven. “In order to ensure a sustainable and as comprehensive recovery as possible, various measures are required – from effective vaccination campaigns in all countries to concerted public investment strategies that prepare the ground for the future.”

Support for poorer countries with vaccination important

The recovery is not a sure-fire success, warned the OECD. To keep the upswing on track, more international efforts are needed to help poorer countries with vaccinations – for their own benefit and for the benefit of the whole world Corona outbreaks with new restrictions meant that the economic recovery was unbalanced. The rapid increase in demand that went hand in hand with the boom in the economy drove up prices for important raw materials such as oil and metals, as well as food, causing higher inflation in the emerging economies, the OECD said. The supply chains, which were disrupted as a result of the pandemic, would have increased the cost pressure even more. Transport costs have increased significantly.

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