Slow revival, high vulnerability predicted for post-vaccine economy: Central bank
By: Ching-Tse Cheng, Taiwan News, Staff Writer
In its latest report, the central bank pointed out that although the distribution of coronavirus vaccines will certainly give the global economy a shot in the arm, governments worldwide still have major challenges to overcome. It said four risk factors — pandemic resurgence, high economic vulnerability, the debt burden on governments, and the U.S.-China trade war — will determine how fast the world's economy can bounce back and return to its pre-pandemic level.
Even with COVID-19 vaccines being rolled out, the central bank said there remains a possibility of pandemic resurgence. It said the service industry, which has been the hardest-hit sector during the pandemic, will likely not see huge improvements in a short period of time.
The central bank also noted the high vulnerability in the current economy. It said most countries will undergo a K-shaped recovery, which could widen pre-existing divisions and disparities in wealth between classes and industries. [FULL STORY]