Covid: Can the Delta variant jeopardize the global economic recovery?

Published by Laurent P. · Published on 11 July 2021 at 15h31 · Updated on 15 July 2021 at 09h50
This Saturday July 10, the G20 warned against the threat from the Covid Delta variant on the global economic recovery, as well as the “different vaccination rhythms”.

Can the Covid Delta variant jeopardize the economic recovery schemes planned by countries from all over the world? This is anyway the fear shared by several Finance Ministers as part of the G20 held this Saturday July 10, 2021 in Venice, specifying this recovery “remains exposed” to this strain of the virus and its quick spread, as well as to the “different vaccination rhythms” in the world.

A speed reduction in the recovery tending to escalate although – still according to ministers attending the G20 – the access to vaccines is particularly disparate so much vaccination is low in some countries. “The only thing that could jeopardize a solid and quick rebound of the economy is the variant and a new epidemic wave”, Minister of the Economy Bruno Le Maire stated.

Yet, the European Union is rather optimistic: “This weekend, we delivered enough vaccine to member states to fully vaccinate at least 70% of the adult population this month. By tomorrow, some 500 million doses will have been distributed to all regions of Europe”, European Commission President Ursula von der Leyen claimed. She went on: “Covid-19 is not yet defeated. But we are prepared to continue supplying vaccines – also against new variants”.

Deliveries do not prevent new restrictions in some countries, dealing an economic blow to some sectors. Therefore, Catalonia has announced night clubs are to close again, like in the Netherlands. A sector that has been very badly hit; night clubs being closed for over a year. In France, although night clubs reopened, the evolution of the Delta variant is very carefully watched all over the country and a new closure of venues is feared as it could lead to irreversible economic damage for the latter.

In Argentina and South Korea, the Delta variant has made governments to make stricter measures. In Malta, only travelers who have been vaccinated are now allowed on the island, impacting the local economy, mostly based on tourism. An impediment sole vaccination can find a solution to.

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