On the left, the chart shows the share of total population that have received one dose of COVID-19 vaccine and we assume that those who have received the first dose will follow up to get the second jab. This shows the variation in progress in different economies to get their population vaccinated as well as comparing them to their position last month to gauge their pace. This variation amongst countries could be due to vaccine availability or public hesitancy in getting vaccinated. Overall, we believe a high percentage of immunized population, either via vaccination or infection, would be key to a sustained economic recovery.

On the right, the line shows the daily increase in infections in four key regions, adjusted for population. It is important to monitor the effectiveness of vaccines in economies such as the U.S. and Europe, who have a relatively higher percentage of population that is immunized. While vaccines do not completely mitigate the risk of infection, it helps to reduce the severity of infection and mortality rate.