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Global impacts of labor shortages

Several countries face the challenge related to labor shortages, highlighted the Financial System Stability Council (CESF) of Mexico.

This is as a consequence of the accelerated increase in contagion rates, the fear that still persists in the population to go to their jobs in person, the fiscal support that is allowing the extension of the return to work, as well as the reduction of working hours that have been implemented.

This labor shortage has contributed to delays in supply chains, a weak recovery in the service sector as it faces limited capacity and lower demand, as well as a more limited supply of services.

Fuente: Our World in Data.

In addition, the CESF indicated, the possibilities of carrying out some economic activities have been limited due to the lack of official recognition of the efficacy of some vaccines, a requirement requested by some countries, mainly the United States and the European Union, to enter their territories.

 Labor shortages

According to data from Our World in Data as of March 16, 2022, 56.9% of the world population has a complete vaccination schedule and a total of 11.03 billion vaccines have been applied globally, being the United Arab Emirates, Portugal, Singapore and Chile are the countries with the greatest progress, with 95.7, 92.6, 90.7 and 90.70% of their population fully vaccinated, respectively.

On the other hand, Yemen, Haiti, Chad and Burundi are the countries with the least progress in vaccination, with levels of 1.4, 1.2, 0.8 and 0.8%, respectively.

In this context, Mexico is located slightly above the global level, registering 61.0% of the population in the same period.

The CESF explained that an achievement achieved during this pandemic has been the coordination and cooperation between companies and the governments of the countries to produce, distribute and vaccinate the population against Covid-19.

In this context, the pharmaceutical industry has made efforts to adapt its production capacity and allocate it to the production of vaccines and possible treatments to deal with the virus and the disease it causes.

In addition, the greater knowledge of the virus has made it possible to better cope with some periods of outbreak and, with it, have a more efficient organization by governments and people.

However, the difficulties in the equitable distribution of vaccines among countries, particularly in low-income countries, as well as the anti-vaccine movements by a segment of the world population mainly from developed countries, continue to be the main challenges to achieve a high immunity rate.

This represents a risk factor that facilitates the mutation and spread of new strains.

 

Redacción Opportimes

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