Vaccine nationalism could cost high-income countries $4.5 trillion
The World Health Organization cited new economic research during a press conference Monday, which warns that vaccine nationalism could cost high-income countries $4.5 trillion. Universal vaccination may make it feel as though life is getting back to normal in wealthy countries, but global trade will suffer if poorer nations still have active COVID-19 transmissions, according to research from the International Chamber of Commerce.
"They will not only feel the hit but bear half the cost," said John W.H. Denton AO, secretary general of the ICC. "If you actually want to fix your own economy you're going to have to get involved in fixing the global economy and part of that is that vaccines flow globally and equitably."
Countries need to focus on the tools we already have to drive down COVID-19 transmissions, according to Dr. Bruce Aylward, adviser to WHO Director General Dr. Tedros Adhanom Ghebreyesus.
"If any country bets everything on the vaccine we're going to lose," Aylward said.
-ABC News' Christine Theodorou contributed to this report.