Expediting vaccination is key to global economic recovery: BI

Accelerating vaccination and reducing the number of COVID-19 cases are keys to usher in global economic recovery, according to Bank Indonesia (BI), Indonesia’s central bank.

“This is the key answer, why global economic recovery now is on an increasing trend,” head of the Macro Economy Group of Macro Economy Policy Department at BI Riza Tyas Utama stated here on Thursday.

Utama noted that global economic recovery was apparent from the manufacturing Purchasing Managers Index (PMI) that had shown an increasing trend above 50, with the US Services PMI reading at 50 and India at 52.8.

Utama noted that the recovery was also apparent from the increasing Consumer Confidence Index in the past few months.

However, economic recovery of all nations had yet to be at the same pace, as some countries, such as the United States, China, and India, have shown quick economic recovery, while some others are not.

“The implementation of vaccination is one main factor for this disparity in recovery between developed nations and the emerging markets,” she remarked.

Countries that could achieve fast economic recovery were those supported by the acceleration of COVID-19 vaccination, in terms of the supply, implementation, and availability of healthcare equipment as well as other supporting aspects.

Utama believes that the acceleration of vaccination and response to the COVID-19 pandemic in Indonesia is relatively better and faster as compared to Malaysia, Thailand, and the Philippines.

“We are faster than those neighboring countries that I mentioned, while geographically, we are vaster and we have more islands and a bigger population,” she pointed out

 

Source: Antara News

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