Jul 11, 2021 - Economy & Business

Janet Yellen: COVID-19 variants could derail global recovery

Janet Yellen.

Treasury Secretary Janet Yellen during the G20 finance ministers and central bankers meeting in Venice, on July 11. Photo: ANDREAS SOLARO/AFP via Getty Images

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.

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.
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