India's COVID Crisis Sounds Alarm Bells For Developing Countries: IMF

Looking at the Covid19 situation in India and the high number of cases, experts have now become concerned for other nations as well. India’s crisis can be a warning to other developing or low-income nations. Such nations that have not seen the worst yet can now face the adverse situation.

IMF recently shared that chances are, these nations have not yet seen the worst. In a report by International Monetary Fund (IMF) economist Ruchir Agarwal and its Chief Economist Gita Gopinath, they shared that by the end of 2021, India might still not have vaccinated half of its population. The average might be less than 35 per cent of the entire population.

The concern here is that such a crisis like the situation might affect the developing countries. First Brazil and then India, facing the Covid19 wave might be an indication that the developing countries are yet to see the worst.

Every day India reports a high number of positive cases with an increase in the death toll. People even critical conditions have to wait to get admitted as there are no beds in hospitals. Similarly, there is a shortage in oxygen cylinders and other Covid19 medical essentials. This was not the case during the first wave. Last year, the hospitals were not so hassled with patients and shortage of beds, but in 2021, things seem too concerning for the medical industry.

The IMF further added that “India comes as a sign of future events. Until now, the developing and low-income nations didn’t face the adverse situation and might face it soon. They somehow escaped the extremities of Covid19, but might not be able to in the coming time.”

Over the last week, as the second wave started showing a downward trend from its peak daily cases of 400,000+, the warning of a third wave has been issued to avoid the same mistakes made at the end of the first wave.