“Ensuring the recovery is sustained and widespread requires action on a number of fronts — from effective vaccination programs across all countries to concerted public investment strategies to build for the future," said OECD Secretary-General Mathias Cormann.
Developed countries are being urged by a number of bodies, including the World Health Organization, to share excess vaccines with poor countries who have yet to immunize their people instead of using them to provide booster shots.
Last week, for example, the British government recommended that booster shots be offered to everyone over 50, health care workers, people with underlying health conditions and those who live with people whose immune systems are compromised. Others, including the U.S., are set to follow suit in offering booster shots to certain sections of their population.
The richer nations of the world have already committed to donate hundreds of millions of jabs to poorer countries via the COVAX scheme.
The OECD also urged developed countries not to be too hasty in withdrawing the “extraordinary support" they provided their economies at the outset of the pandemic as the outlook remains uncertain and employment levels in many parts of the world have not yet recovered fully to pre-pandemic levels.
It also said current inflationary pressures in the world economy arising from the reopening of economies should start to fade from next year.
The rapid pick-up in demand this year has led to a sharp rise in key commodities such as oil and metals, as well as food. The disruption to supply chains caused by the pandemic has added to cost pressures, while shipping costs have increased sharply.