$50 billion is the amount, that can save the world economy and is essential to bring things back to normalcy.
On an interview with Bloomberg on Wednesday, the chief economist of OECD, Laurence Boon said that, “when you balance out things, $10 trillion for supporting the economy going through the pandemic compared with the tiny $50 billion to bring the vaccine to the entire world population, that looks completely disproportionate.” A group of 20 countries spent $10 trillion to support the economy that was hit by the pandemic.
The recent rise of the Omicron variant of the coronavirus brings more uncertainty to the already disturbed economic condition and also challenges the lack of vaccines OECD, an organization based in Paris, continues to emphasize and highlight risks related to the Covid-19 and urges the governments to pay attention to the vulnerable groups of the society as they can be the “breeding grounds for even deadlier strains”.
OECD also warns central bankers to hold their nerve as it will take time for the global economy to recover. It will also have loads of imbalances due to the recently discovered variant’s shadow. Laurence Boon addressed the banks with “In current circumstances, the best thing central banks can do is to wait for supply tensions to diminish and signal they will act if necessary.” OECD has placed Omicron on the top of its list of threats to the economy.
