Unlike the United States, which could spend one-quarter of its GDP protecting its economy from the COVID-19 fallout, Argentina entered the pandemic with the deck stacked against it. Yet, thanks to the current government’s policies to strengthen the real economy, the country has been enjoying a remarkable recovery.
NEW YORK – Although COVID-19 has been hard on everyone, it has not been an “equal opportunity” disease. The virus poses a greater threat to those who are already in poor health, many of whom are concentrated in poor countries with weak public-health systems. Moreover, not every country can spend one-quarter of its GDP to protect its economy, as the United States did. Developing and emerging economies have faced hard financial and fiscal constraints. And because of vaccine nationalism (hoarding by rich countries), they have had to scrounge for whatever doses they can get.
NEW YORK – Although COVID-19 has been hard on everyone, it has not been an “equal opportunity” disease. The virus poses a greater threat to those who are already in poor health, many of whom are concentrated in poor countries with weak public-health systems. Moreover, not every country can spend one-quarter of its GDP to protect its economy, as the United States did. Developing and emerging economies have faced hard financial and fiscal constraints. And because of vaccine nationalism (hoarding by rich countries), they have had to scrounge for whatever doses they can get.