The British Economist magazine criticized what it described as the failure of the leaders of the Group of Seven – who are holding their annual summit this week – to act quickly enough to vaccinate the world’s population against the Corona pandemic.
The magazine said that the leaders of those rich democracies are missing the opportunity of the century, and that their failure to immunize the world against the Corona epidemic is not only an economic folly, but also a moral failure and a diplomatic disaster.
She pointed out that despite the generous promises made by the leaders of some of the group’s countries in this regard – such as Britain and America – the reality is that these donations are scarce, as Britain – which bought 5 times the doses it needs of the vaccine against the Corona virus – has barely begun to donate a few of them. .
She also indicated that the international initiative to provide vaccines to countries that suffer from a shortage in the field of providing them, known as “COVAX”, suffers from a shortage of billions of vaccines.
The Economist said that the G7 countries should fully fund the international effort to provide vaccines, and set a clear timetable for the delivery of funding and vaccines, and that any effort less than that would be a farce.
The magazine pointed out that the cost of vaccinating about 70% of the planet’s population against the Corona virus by April next year does not exceed 50 billion dollars, according to estimates by the International Monetary Fund, and this amount does not exceed only 0.13% of the gross domestic product of the Group of Seven, i.e. a fifth of the amount that Its members pledged to spend it annually to help other countries.
She said that the cumulative economic return from the campaign to vaccinate the world’s population would reach $9 trillion by 2025, in terms of increased global production, not to mention the huge number of lives that would be saved.
The magazine asked: If a group formed to address major international threats cannot invest in such a project for the benefit of humanity, what can it do?
She said that US President Joe Biden was recently keen to confirm that “America has returned”, but his administration’s actions do not reflect that, and that the world is waiting for more practical evidence of the return of the United States’ role in leading the world, and its ability to rally its allies behind its goals, not only in Regarding the fight against the epidemic, but also to confront climate change.
She noted that the United States and its allies demonstrated great technical strength by developing many highly effective vaccines and increasing their production in record time; So they have something tangible and urgently needed to present to the rest of the world.
The Economist concluded that Biden would have no better chance than providing vaccines to the planet’s population to demonstrate the benefit of US leadership in the world, the power of democracy and the power of free markets.