The vaccine and the economy

A new study from the International Chamber of Commerce finds that even if every American is vaccinated the U.S. could still see a slow economic recovery.
5:54 | 02/03/21

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Transcript for The vaccine and the economy
And a new study from the International Chamber of Commerce finds that even if Americans get vaccinated every American gets vaccinated. The US could still see a slow economic recovery. The study suggests that since we live in a global economy the US can't fully recover until vaccines are widely available to the rest of the world. Foreign correspondent mag he really has the details. A new study warns that no country's economy will truly recover from this pandemic. Until everyone around the world has access to the vaccine. We're not going to be out of this until everyone gets out of that the second if you wanna have an effective economic stimulus make certain that you invasive in a global distribution. Global availability. Of the vaccine. They're national chamber of commerce says their study proves that eighty's slow and ineffective global vaccine rollout. Could cost the US more than a trillion dollars. Wind is fascinating a country. On the other side of the world affect some one but he said on main street in America how are they connected. Well Polly Chris in the neck the the nature of the US economy and the US is one of the most if not the most into connected economy in the world. He gives us this example tigers in Thailand said the actual production of the ties which are required. To keep the auto industry going in the U risk of being diminished because Taiwan Thailand can't access. The vaccines and the and the therapeutics needed to do with current denied today. To keep this global economy turning Denton says it will take investment from richer nations like the US Indy Kovacs the global organization attempting to manage it worldwide vaccine rollout. It's something the new Biden administration has committed to joining. Section on an act of kindness in doing so it's an act of mutual interest and frankly it's actually get an act of effective economic policies. Denton says it'll take just a couple percentage points of an increase to the current stimulus proposal to fund the global rule out. And that that number will gain of 160. Times return on investment. It's not just the ICC nearly every global organization is warning against vaccine nationalism. W shows urging countries to prioritize the most vulnerable around the world first. And their own country's second. The load these on the bingo for catastrophe modem sailor. And the price of the assailant will be paid Wii's lives and livelihoods in the world's. Poorest countries. This new study shows that the livelihoods of those in the world's poorest countries. Are intrinsically linked the livelihoods of people living in America. I'm really curious what the reactions been like because I can see a lot of people when their feast at the crisis turning inward and want to protect their country. And you're trying to convince them and actually the best thing to protect their country it by turning outward and trying to boost the global economy it a hard sell. Of course there's moral arguments but at the end of the night a politician and a leader needs to be able to explain to the citizens. Why Diane giving this money not directly into their pockets it to someone else's pockets. We giving it to someone else to help them so that they can help you it's actually an act smoking generosity. But of actual of mutual interest. And Maggie really joins me live now for more Maggie it's such an interesting point you know you talking about a potential one point three trillion dollar hit. To the US economy that's a startling number how would this impact the rest of the world. Well then that's a so injures and it's a startling number for the US it is going to be a global heading to the ICC says. It's hard to even over estimate how much of a negative economic impact is it be for the world the GDP they say. Globally would get hit more than a nine trillion dollars nine trillion dollars. That number so large it's hard to fountain Diane what's interesting at that half of that is going to be absorbed by high income countries like the US. You know John Denton of the ICC he goes on to sort of remind people this study is coming from the ICC the International Chamber of Commerce they are world renowned. Organization they are respected in the field of economics he said yeah. People listen to our studies so even though this one is emotional it's about peoples health its about the vaccine. It also impacts the economy in the world should really listen to this study is well yen scientists are also worried about a slow global roll out what's their biggest concern there. He'll looming just gonna hit the economy it's also gonna hit the health of the world you know one of the major concerns for scientists is that. Even if a country like the US is able to back saying their entire population if another country here the virus goes unchecked people are not vaccinated scientists say mutations there are going to run a while the WHIO as out saying they fear that it mutations continue to grow around the world eventually one of them could become resistant to some of the vaccines that we have so it's a really bad happens and even if fully vaccinated in the US at the new mutant strain arises somewhere else could go back into the US and ultimately cause harm to people so again. It goes back to we keep hearing from the WH a from the ICC but the world. Is not going to be safe until every single country is also vaccinated and safe so where do we stand now how long before the world is vaccinated. I gavel day it's an uphill battle we did some good news stay just a few hours ago Kovacs came out announcing they do have their first batch of countries eighteen countries they're going to be sending vaccines into this is a huge deal with and even working towards for months of this is. Really really good news hopefully we can get these vaccines into poorer nations but day even with this good news for so facing an uphill battle here. Don't many countries they say poor nations could not back snake older vulnerable populations fork. At least another year so be thinking that that's a whole other year. A vaccine running wild and so his country's potentially mutant strains popping up. And also the global economy be impacted so that is going to hurt not only the world but the US and especially the US has bottom line if we don't get control this around the world have a lot to consider their Maggie Rubin -- and Forrest thanks Maggie.

This transcript has been automatically generated and may not be 100% accurate.

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