OECD Urges Speedier Vaccine Rollout For Stronger Economic Recovery

While the rollout of COVID-19 vaccinations means a global economic recovery is in sight, the pace of inoculating populations must increase if the economy is to rebound, the Organization for Economic Cooperation and Development (OECD) said in a Tuesday (March 9) press release.

The 37-member global organization said that “a faster and more effective vaccination rollout across the world is critical, while respecting necessary health and social distancing measures,” according to the OECD’s latest Interim Economic Outlook.

“The pandemic is widening gaps in economic performance between countries and between sectors, increasing social inequalities, particularly affecting vulnerable groups, and risking long-term damage to job prospects and living standards for many people,” the OECD cautioned. The group is an intergovernmental economic organization that the U.S. helped found.

“Activity in many sectors has picked up and adapted to pandemic restrictions over recent months,” the group said. “Vaccine deployment, although uneven, is finally gaining momentum and government fiscal stimulus — particularly in the U.S. — is likely to provide a major boost to economic activity.”

“Speed is of the essence,” OECD Secretary-General Angel Gurría said in the release. “There is no room for complacency. Vaccines must be deployed faster and globally. This will require better international co-operation and co-ordination than we have seen up to now.”

The official urged member countries to “focus our attention on building forward better and laying the foundations for a prosperous and lasting recovery for all.”

The worldwide recovery from the COVID economic collapse gives U.S. a chance to play a central role, as opposed to what happened after the Great Recession.

The Wall Street Journal reports that some of the factors that could propel the U.S. into a leadership recovery role are the spread of vaccines, the $1.9 trillion aid package spearheaded by congressional Democrats, easy money from the Federal Reserve and built-up savings, with American households sitting on an estimated $1.8 trillion.