Unequal, slow vaccinations could derail global trade rebound: WTO

WTO Director-General Ngozi Okonjo-Iweala warned the opportunity to bounce back may be ‘squandered’ if poorer countries lack access to coronavirus vaccines.

The World Trade Organization (WTO) is raising its estimate for the rebound in global trade in goods but warning that the COVID-19 pandemic still poses the greatest threat to a recovery that is being hampered by lagging vaccinations, regional disparities and weakness in the service industry. Demand in North America should be a major factor driving rebounding demand for goods thanks to the large fiscal relief and stimulus spending by the United States government. WTO Director-General Ngozi Okonjo-Iweala called for better access to vaccines for people in poorer countries. Rapid development of vaccines has given the world a chance to halt the pandemic, “but this opportunity could be squandered if large numbers of countries and people do not have equal access to vaccines,” she said Wednesday.