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October 26, 2020

Why Covid vaccine is key to economic recovery – how UK support plan is flawed

By Paul Dennis

26 October

As second wave of Covid-19 infections continues to impact countries across the world, the possibility of a V-shaped recovery for the global economy remains weak until the availability of a vaccine.

China, however, has managed to move towards V-shaped recovery due to the early containment measures adopted.

Ludovic Subran, group chief economist at Allianz, shared an article on how China is on the way to achieving a V-shaped recovery even in the absence of a fully tested vaccine.

China’s economy expanded by 4.9% in the third quarter, while other countries were trying to manage the Covid-19 pandemic.

The article noted that the measures undertaken by China to control the virus played a key role in enabling activity to return to normal within few months.

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Further, the country is insulated from fluctuations in the global demand compared to other countries.

The article also highlighted that until the global availability of a vaccine, other countries will struggle to achieve the China’s growth.

Meanwhile, Colin Williams, professor of public policy at the University of Sheffield, shared an article on analysis conducted by Resolution Foundation, a thinktank, on the flaws in UK Chancellor Rishi Sunak’s $16.55bn (£12.7bn) self-employment income support scheme (SEISS).

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