At last, the United States appears to be entering the recovery phase from the COVID-19 pandemic and its economic effects. A national vaccination drive is already significantly reducing mortality. The administration of President Joe Biden has announced a sweeping infrastructure bill to follow its $1.7 trillion stimulus package, together likely to lift many economic indicators, from gross domestic product to child poverty. And China is even further along: that country had largely controlled viral spread by March 2020, and its output bounced back by the fourth quarter of last year.
Green shoots in the world’s two largest economies are signs that the world as a whole might be poised for a strong recovery from the deepest peacetime recession since the Great Depression. There are many developments that could derail this trajectory among them, new vaccine-resistant virus variants or a new Cold War. But many indicators suggest that a decade that opened in tragedy could very well conclude
The Vaccine Race Created Wealth Gap Between Rich and Poor Countries
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How to stop Covid s second wave
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Richer countries have most available vaccine doses as the global recovery becomes K-shaped hhoffower@businessinsider.com (Hillary Hoffower) © Provided by Business Insider A woman receives the Johnson & Johnson vaccine in the US, which is ahead of vaccination compared to other countries. Dania Maxwell/Getty Images
The wealthiest countries are vaccinating 25 times faster than the poorest countries, per Bloomberg.
Wealthier countries were snapping up doses in November, creating a vaccine shortage.
Poorer countries may not have enough vaccine supply until 2024, a Duke University analysis found.
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Bloomberg s Vaccine Tracker found that the world s wealthiest countries are vaccinating at 25 times the rate of the poorest countries. The database has thus far tracked more than 726 million doses administered in 154 countries.