May has been a decisive month in the global vaccination campaign, as an accelerated delivery in some advanced economies has led to comprehensive reopening plans and brighter economic prospects. In Europe and Canada, two significant laggards in Q1 compared to the UK and the US, the intake of vaccines has exceeded expectations. However, while advanced economies have managed to secure enough doses to kick-off domestic vaccinations earlier, most emerging markets and low-income countries have failed to sign significant contracts in the first half of the year. Wide divergences in national vaccination campaigns is a matter of global concern from a health standpoint, as uneven immunisation worldwide poses the risk of further waves in the context of relaxed travel restrictions. Divergences between countries in terms of vaccination is also critical from an economic point of view, as vaccination constraints set the tone for bumpy reopening plans. Under this light, risks to the global outlook remain tilted to the downside, even as developed countries pledge to expand their contribution to economies at an earlier stage of vaccinations.
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