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The race to find a cure for Covid-19 saw an estimated USD25bn spent on pharmaceutical R&D in 2020 alone, with half coming from the US’s "Operation Warp Speed".
After finishing 2020 on a high note with a vaccine light at the end of the tunnel, Europe now faces a moment of truth: a five-week delay on the vaccination front that, if left uncorrected, could cost close to EUR90bn in 2021.
The Asia-Pacific region has fared better than most other regions during the Covid-19 crisis: Economic activity is likely to have declined by less than -2% in 2020, compared to more than -4% at the global level and almost -8% in Latin America.