![]() ![]() Rising weekly cases therefore represented the biggest challenge yet to Beijing’s zero Covid policy, leading to greater supply chain snarls in the coming days exacerbated by the lockdowns. Despite economic forecasters assuming the Omicron wave to recede eventually, like the Delta wave, it is too early to predict its impact, as cases surge and data suggests that commercial activities and consumer spending dropped in December 2021.Ĭassidy also added that even if the US economy got through the Omicron wave with few or no lockdowns, the new variant could affect production in the Chinese economy that supplied many components and goods to the US. He warns that although the economy is expected to be more resilient in 2022 than the virus-induced slump in 2020, policymakers have to track the impact of the known unknown, the Covid-19 virus surge. Cassidy tweeted that the economy appears to be weak with 2021 reporting the highest rate of inflation-adjusted GDP growth since 1984, and economists forecasting 3.5-4% economic growth this year. John Cassidy, a journalist and staff writer at The New Yorker, shared an article on how Covid-19 and policy changes will drastically impact economic growth, inflation, and mid-term elections in the US. ![]() ![]() People needlessly die during pandemics because of the crazy way we finance vaccines.Įconomist has a better idea to save lives in the next pandemic. However, even when the figure is doubled to cover the cost of distribution, the pharmaceutical companies are still charging markups greater than 1,000% above their costs or about $20 per dose. For example, the Covid-19 mRNA vaccines cost less than $1.00 each to produce them. Profits have always been the goal before saving lives for both the Big Pharma and politicians, Baker emphasised. Calling it an irrational way to finance vaccines, he highlights new approaches to saving lives and cutting costs during any pandemic. ![]() Dean Bakerĭean Baker, a macroeconomist and co-founder of the Center for Economic and Policy Research (CEPR) with Mark Weisbrot, retweeted an article shared by David Cay Johnston, an investigative journalist and co-founder of, an add-free non-profit new service, on millions of people dying in pandemics like Covid-19 due to current approaches in financing these vaccines.īaker believes that patent monopolies should be done away with to deal with future pandemics. Some economists believe that patent restrictions have prolonged the pandemic by blocking or delaying the spread of vaccine technology, including tests and treatments, that have resulted in millions of preventable deaths. ![]()
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January 2023
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