Uneven global vaccination pace puts economic rebound at risk, the O.E.C.D. warns.
The Organization for Economic Cooperation and Development said on Tuesday that a global economic recovery from the pandemic was finally taking hold, but it scaled back its forecast for worldwide economic growth and warned that the rebound was benefiting wealthier countries more than the developing world as vaccine distribution occurs at an uneven pace.
Countries that have made big strides toward vaccinating most of their populations are bouncing back much more quickly than those that are still struggling to obtain shots, the O.E.C.D. said, raising a host of related economic problems that are affecting global supply chains and pose a risk for the future.
“The global shock that pushed the world to the worst recession in a century is now fading, and we’re now projecting the recovery will bring growth back to its pre-crisis trend,” Laurence Boone, the organization’s chief economist, said in a news briefing.
But vaccination rates remain varied, and many low-income countries and emerging markets except China are still far behind, Ms. Boone added. “A failure to vaccinate globally puts all of us at risk,” she said.
The warnings came as the O.E.C.D. released its semiannual economic forecast, in which it lowered its outlook for global growth, for the United States economy and for emerging markets, but raised its outlook for Europe.
The global growth outlook for 2021 was revised down slightly to 5.7 percent, from 5.8 percent.
The organization, which is based in Paris, said that the United States would grow at a 6 percent pace, down from a 6.9 percent forecast in May, while the eurozone was expected to expand by 5.3 percent, up from previous expectations of 4.3 percent growth. Slower growth in Germany is expected to be offset by faster than expected rebounds in France, Italy and Spain.
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