SINGAPORE — Asia’s economic restoration could slow down as extra international locations droop the use of the Covid-19 vaccine developed by AstraZeneca and the University of Oxford, warned the chief Asia-Pacific economist of Moody’s Analytics.
“It adds some modest risk to the role that Asia plays in terms of the global economic turnaround,” Steve Cochrane informed CNBC’s “Squawk Box Asia” on Tuesday.
Reports of blood clots in some individuals who acquired the AstraZeneca-Oxford shot led a number of international locations — lots of them in Europe — to quickly cease utilizing the vaccine. The World Health Organization mentioned there is not any hyperlink between the shot and an elevated danger of growing blood clots and is investigating.
Cochrane mentioned points surrounding the AstraZeneca-Oxford vaccine could harm international commerce — and that is unhealthy information for Asia the place many economies are depending on buying and selling exercise.
“There’s a possibility it could put a dent in terms of global trade if the vaccine rollout is delayed in Europe and that were to mean that there were some more extensive lockdowns on the economy in Europe — then that could slow down the pace of global trade,” he defined.
Asian international locations have been relatively profitable in containing the virus, and that is helped their economies get better faster than these in Europe and the U.S.
Fortunately, renewed lockdowns in some components of Europe haven’t hit manufacturing, mentioned Cochrane. He added that “almost all” of the impression from these lockdowns have affected the companies sector.
“So, right now, it’s not that big of an issue and global trade still looks like it’s very, very strong,” mentioned the economist. “The vaccine is a risk, of course. It’s one of the critical risks, we still have to see vaccines roll out over the course of this year for the global economy to get back on its feet.”
Thailand briefly halted the usage of the AstraZeneca-Oxford vaccine on Friday, however authorities mentioned on Monday they’d go forward with administering the pictures.
Thai Prime Minister Prayuth Chan-ocha turned the primary particular person within the nation to obtain the AstraZeneca-Oxford shot on Tuesday, reported Reuters.
Elsewhere in Asia, Indonesia mentioned Monday it can delay the rollout of the AstraZeneca-Oxford vaccine whereas ready for the evaluation from WHO, the information company reported.
— CNBC’s Sam Meredith contributed to this report.