News Release
COVID-19 'Vaccine Nationalism' Could Cost the World Up to $1.2 Trillion a Year
Oct 28, 2020
This report examines the global economic implications of COVID-19 vaccine nationalism and the associated inequitable access to vaccines across countries. It looks at the economic impact of physical distancing regulations and measures on five contact-intensive sectors, including hospitality, recreation, retail and wholesale, health and social care.
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Experience shows that, in response to pandemics, national governments tend to follow their own interests instead of pursuing a more globally coordinated approach. This nationalistic behaviour could have negative consequences on how well the COVID-19 global pandemic is managed and contained.
A situation in which countries push to get first access to a supply of vaccines, potentially hoarding key components for vaccine production, has been commonly referred to as 'vaccine nationalism'. This report examines how the management of the COVID-19 crisis may be affected by vaccine nationalism and what the associated economic cost would be of inequitable access to vaccines across countries.
Chapter One
Introduction
Chapter Two
Background: the COVID-19 crisis and a lack of global coordination and cooperation
Chapter Three
Estimating the economic implications of vaccine nationalism
Chapter Four
Discussion
Appendix A
The macroeconomic modelling framework
Appendix B
Economic effects of inequitable access to COVID-19 vaccines by country (real annual GDP in $bn)
Funding for this research was made possible by the independent research and development provisions of RAND's contracts for the operation of its U.S. Department of Defense federally funded research and development centers. The research was conducted by RAND Europe.
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