Vaccine rollout promises boost to global economy

The global economy could be boosted to the tune of $800bn following the rollout of COVID-19 vaccines, according to analysts. Working on the assumption that 35% of the population gets vaccinated, UBS estimates global GDP growth could be 6.3% next year and 5.3% in 2022, an average increase of one percentage point per year. This would be equivalent to more than $800bn of additional GDP growth in 2021 alone, with the same again in 2022, compared with previous predictions. UK growth next year could rise to 5.8%, up from 5% previously forecast, predicts UBS economist Anna Titareva . “Predominantly the impact is going to come via sectors such as hospitality and accommodation,” she said, as well as retail, as these industries “involve a lot of social interactions”.