digital desk, Beijing. The COVID-19 pandemic is not over yet, but there is hope for a better tomorrow, both in the health sector and the economy. The impact of vaccination in reducing casualties and the impact of fiscal intervention in accelerating development have been observed.
However, recovery remains uneven across countries due to pre-pandemic economic conditions and differing stimulus policies. Indeed, anti-corona vaccines have been a game-changer. Once vaccination rates increase, herd immunity builds up, opportunities arise, restrictions are eased, and the economy begins to boom.
While we acknowledge the efforts of multilateral institutions to ensure fair distribution of vaccines around the world, many developing countries are still struggling to secure enough vaccines for their people.
Whereas rich countries can deliver vaccines faster than lightning, thus increasing inequality and uneven recovery.
We are as strong as our weakest link in this fight against the Corona pandemic. With each country having common goals of controlling the pandemic and returning life to normalcy, global cooperation is essential.
Multilateral institutions should play a greater role in ensuring that each nation can quickly complete its vaccination program.
We also need to establish an early warning system for future pandemics and a crisis preparedness mechanism in the form of resources, governance, decision-making processes or information sharing.
A major challenge will be to manage the strained relationship between national sovereignty and global governance. If we fail to do so, we may risk catastrophic damage in the future, as the COVID-19 pandemic has shown.
In many developing economies, the coronavirus pandemic has put undue pressure on public finances, as governments grapple with rising debt levels to fight the pandemic. Therefore international financial institutions and private creditors must cooperate to ensure an appropriate burden-sharing plan to assist them.
Today, we face two problems that must be addressed at the earliest: reviving the economy and at the same time combating climate change through a green, resilient and inclusive reform. To do this, we must design climate-positive recovery policies and more sustainable financing as building blocks for a sustainable recovery.
(Akhil Parashar, China Media Group, Beijing)
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