Failure to help poor countries fight Covid ‘could cost global economy $4.5tn’

IMF calls on rich nations to help halt spread of infectious variants through countries with low vaccination rates

• Larry Elliott: Global economic recovery from Covid could go wrong

The world economy risks losing $4.5tn (3.3tn) from highly-infectious variants of Covid-19 spreading through poor countries where vaccination rates are lower, the International Monetary Fund has warned.

Calling on rich countries to take urgent action to share at least 1bn doses with developing nations, or risk severe economic consequences, the Washington-based fund said the gap between rich and poor economies had widened during the pandemic and risked worsening further next year.