10 months on since the pandemic began, there might be a glimmer of hope for a favourable future. We have dodged the worst, many of the commercial frameworks has been sustained and could bounce back quickly. Still, the situation remains vague for many small scale businesses, working-class people and highly populated developing countries.
The assurance of our daily lives returning to the veneer of normalcy one day for the entire world was given a huge in the arm, virtually, after German Pharmaceutical giants, Pfizer and BioNtech announced in early November that they have produced a vaccine that is effective more than 90 per cent in preventing the further damage of the pandemic. This was followed by another good news, this time by Moderna, an American biotechnology firm, which proclaimed its vaccine is 94.5 per cent efficient.
In response to the vaccine update, the International Monetary Fund (IMF) reported that the vaccines might help in the quicker revival of the shrunken global economy. With the increasing advancement in vaccines and medicines, coupled with following the guidelines such as washing hands frequently, wearing masks and maintaining social distance in public venues and workplaces can allow activities to return more quickly to pre-covid 19 volume than currently predicted, without activating multiple waves of the infection.
The question is, how quickly will this return to pre-covid volume be? While the news on vaccine development has been met with positive responses around the world, ensuring the global community receives the vaccine in the estimated time seems another proposal altogether.
Fitch expects the global economic recovery to rise and become more stable from mid of 2021 onwards as vaccines are dispatched across the world, and the covid safety measures begin to loosen.
“The journey of returning to pre-covid levels is proving to be more uneven than expected as the fear of the second wave of virus provokes new restrictions, but the news on the vaccine is very hopeful for the financial outlook over the next couple of years, said Brian Coulton, Fitch Ratings, chief economist.
With all these being said, we may not be reaching near the end of the fight against the pandemic. The glimmer of hope is now shining a lot brighter after too much of heartbreaking deaths, hospitalisations and endless interruptions to our daily lives.