The Banking Executive Magazine - April 2021

The COVID-19 VACCINES With wide vaccine rollout, it is ex- pected that some sectors will benefit more than others. Possible winners include the aviation, the retail, the estate, followed by office and hospi- tality sectors. IMPACT ON GDP FOX news forecasts that coronavirus vaccine will drive to economic re- bounce and restore economic growth. Strategists expect 6% growth in global GDP. RAND research estimated economic re-bounce and the impact of COVID- 19 vaccines on global GDP change as follows: • In world without vaccine the ex- pected Global GDP change is – $3.45 Trillions • In nations with vaccine access the expected Global GDP change is – $1.23 Trillions • In all high income nations with vaccine access the expected Global GDP change is –$292 Bil- lions • In all high and middle income na- tions with vaccine access the ex- pected Global GDP change is –$153 Billions IMPACT ON DIGITAL DIVIDE Covid-19 vaccine rollout revealed a digital divide problem around the world from unequal internet access. World organizations and authorities stressed the importance of digital lit- eracy and closing the digital divide as everything from school to work shifted from physical to virtual inter- actions. Those without access to re- liable internet or devices at home are not able to keep up with the pan- demic challenges. THE WAY FORWARD IN A GLOBAL DIGITAL ECONOMY Large scale pandemics cannot be to- tally avoided but technologies of the digital economy can help in various respects: • Innovation in vaccine production; • Developing secure data infrastruc- ture for digital vaccine passport; • Improving the global supply chain of vaccines world roll out; • Raising awareness and prevention; • Innovation in gadgets production • Bridging the digital divide • Adapting design to new life style like work from home The suggested way forward for a strong immune digital economy is to GROW - BUILD - DEPLOY a global digital economy platform empower- ing the vaccine technology frame- work, as detailed below: GROW • Grow knowledge and expertise in digital technologies for vaccine production. • Grow policies for digital passports with vaccine data records. • Grow finances to support innova- tion. BUILD • Build digital apps and gadgets for vaccine production and illness pre- vention. • Build secure and high quality global data infrastructure that can help in sharing and analysing vac- cine data. DEPLOY Deploy apps developed for free use by healthcare authorities, producers and developers of vaccines, and the population at large. These apps in- clude: • Vaccine global supply chain man- agement apps • Vaccine planning apps • Dashboard apps to track infection and vaccine supply • Design apps • Infection Tracking apps • Vaccine Production apps • Vaccine digital records apps • Vaccine decision support apps the BANKING EXECUTIVE 58 ISSUE 148 APRIL 2021 Figure 2. Impact of COVID-19 vaccines on Global GDP change (Sources: RAND research)