IMF: Global expenses on pandemic stand at $16 trillion

The volume of fiscal measures of countries over the past 12 months in connection with the coronavirus (COVID-19) pandemic is $16 trillion, reads the April issue "Fiscal Monitor" of the International Monetary Fund (IMF), Report informs.

The IMF believes that when examining the indicators for 2020, it faced unexpected numbers, which created conditions for revising economic development forecasts for 2021 and a gradual recovery of economic and social skills.

Eleven months after the virus outbreak, life began to get back on track when scientists from China, the US and Germany developed the first vaccine and tested it on a 91-year-old British woman. More than half a billion people are vaccinated worldwide. Vaccinations are progressing at a rapid pace, but vaccines are unevenly distributed between developed and developing countries, according to the report.

The IMF believes vaccines could bring developed countries up to $1 trillion in revenue, and global vaccination could be the highest-income project set so far.