Rich countries will spend four times more against the pandemic crisis than emerging countries

Asymmetries in fiscal capacity and access to the vaccine reduce recovery in the developing bloc. In advanced economies, fiscal spending between 2020 and 2022 will equal 16% of their GDP.

RIO DE JANEIRO, BRAZIL - If the recession caused by the 2008 global financial crisis was practically limited to rich countries, while virtually all emerging economies were spared, this time the roles are reversed.

Covid-19 is digging its claws with special intensity in low- and middle-income countries, which had weaker health and social protection systems than the advanced economies, and where vaccines will arrive with more delay.

But beyond the pharmacological aspect, there is a factor that clearly explains why this dangerous divergence was opened by the pandemic: the States' fiscal capacity to rescue their citizens and companies and . . .

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