Since the COVID-19 crisis began, global Gross Domestic Product (GDP) has fallen by 4.2%.22
In its March 2021 interim report, the Organisation for Economic Co-operation and Development (OECD) stated that world economies are showing signs of rebounding from the pandemic faster than expected.23
Significant progress with vaccine production and deployment is a key driver for this recovery, along with significant stimulus packages in the US.
In the same report, the OECD stated it expects Australia's economy to grow by 4.5% through 2021, increasing from the 3.2% it forecast in December 2020.24
The last time Australia's economy grew this quickly was over a decade ago, when the economy emerged from the financial crisis on the back of low interest rates and a mining construction boom.25
Economic recovery from the COVID-19 pandemic, including boosting employment and consumer confidence, is strongly related to the success of bringing the virus under control.
The vaccine plays a significant role in a country's ability to do this,26 27 28 so it is relevant that a significant proportion of Australian's population are planning on getting the COVID-19 vaccination.29