While thinking about what comes next after COVID-19, it’s not financial crisis that’s giving Jagan Chapagain, secretary-general at the International Federation of Red Cross and Red Crescent Societies, cause for concern. It’s people’s mental health and the subsequent burden on health systems, fears of “a lost generation,” and the impact on society’s social fabric, he told Devex.
“If we can reach 70% or 75% [of] vaccination globally, my belief is that the economies will draw back very rapidly,” Chapagain said, adding that the current financial situation is different from the economic collapse of 2007.
“The whole fundamentals of the financial system were affected at that time. Right now it's not that, it's because of COVID-19, so as soon as we address the COVID-19 issues, the economies will draw it back very rapidly.”