As Asian Economies Stall, World Braces for Fallout

Even as the U.S. and European economies bounce back from the depths of last year’s pandemic-induced recession, businessmen and economists are increasingly concerned that no country can count on a return to prosperity until the coronavirus is beaten back everywhere.

Nongovernmental organizations, such as the World Health Organization, have for months been sounding the alarm about the lack of access to vaccines in the developing world. The growing concern about the impact of a new surge of the virus on the global economy, though, is now is driving U.S. businesses to plead with the Biden administration to prioritize the provision of COVID-19 vaccines to hard-hit developing nations that play a key role in the global supply chain. “I am writing to urge you to immediately ramp up distribution of excess U.S. vaccines to Vietnam and other key partner countries,” wrote Steve Lamar, president and chief executive of the American Apparel & Footwear Association, in a letter recently sent to the White House. “This distribution should focus on key populations in these countries, particularly those populations that are critical to the economic success of these countries to quickly foster recovery from this humanitarian crisis, and ultimately, long-term health and stability. Without such a surge in targeted distribution of vaccines, COVID will instead destroy the very industries that these countries depend on for their economic livelihoods.”