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In the coming months, vaccine nationalism is likely to compound COVID-19 economic damage and penalize more lives. It reflects the utter failure of multilateralism. It is old colonialism in a new disguise. After mid-January, WHO chief Dr Tedros warned that, due to unequal COVID-19 vaccine policies, "the world is on the brink of a catastrophic moral failure and the price of this failure will be paid with lives and livelihoods in the world's poorest countries.” And yet, in contrast, The Economist reported it was “Asian governments” that “are needlessly hampering vaccination dr...

Written by Dan Steinbock, Difference GroupAfter four years of US-Sino tensions, the Biden administration could speed up US recovery, while restoring bilateral trust with China. That would foster global economic prospects. The reverse would undermine those prospects.

Unlike other major economies, China has rebounded and its recovery is accelerating. It could fuel a third of global economic growth in 2021. With the Spring Festival holidays just weeks away, recent resurgences of COVID-19 infections in Jilin province and Shijiazhuang, Hebei province have renewed concerns about sporadic outbreaks. China’s public-health authorities believe a major outbreak of the novel coronavirus in the Chinese mainland is unlikely. The authorities have taken strong containment measures to rapidly identify, isolate and control potential outbreaks. Nonetheless, desp...

If the past year was dominated by the huge human costs of COVID-19, the next few years will be about its economic aftermath, including the alarming rise of US debt. What’s needed is multilateral cooperation - a new 'Grand Alliance.' On Friday, Congressional leaders failed to secure a bipartisan deal on a $900 billion pandemic relief package. A government shutdown was avoided only with a 2-day extension. A protracted shutdown would amplify the risks for pandemic escalation and economic crisis, amid the long-awaited vaccine rollout. Bipartisan tensions are compounded by the impendin...