Janet Yellen: COVID-19 variants could derail global recovery
Treasury Secretary Janet Yellen on Sunday urged more rapid distribution of COVID-19 vaccines globally, warning that the virus' variants could hinder the worldwide economic recovery, per the New York Times.
The big picture: The comment, made following a meeting in Venice of the finance chiefs of the group of 20 nations, comes as some countries have eased restrictions aimed at curbing the virus.
- But that has been amidst the backdrop of the spread of the highly-infectious Delta variant, which is now the dominant strain in the United States, and has led countries around the world to reimpose restrictions.
What she's saying: “We are very concerned about the Delta variant and other variants that could emerge and threaten recovery,” Yellen said. “We are a connected global economy. What happens in any part of the world affects all other countries.”
Why it matters: The spread of the variant has somewhat dampened hopes for a rapid economic rebound.
- The International Monetary Fund has said it still expects the economy to grow at the 6% rate it projected earlier this year, but warned that the variant is threatening growth to developing nations with less access to vaccines.