In a speech earlier today, the Director-General of the World Health Organization, Tedros Adhanom Ghebreyesus, said that countries will need to spend at least $100 billion in order to combat the coronavirus pandemic, and noted that the IMF estimates that the pandemic will ultimately cost the global economy $375 billion per month for the next two years at least.
He added that, "When a successful vaccine is found, there will be greater demand than there is supply. Excess demand and competition for demand is already creating vaccine nationalism, and risk of price gouging. This is the kind of market failure that only global solidarity, public sector investment and engagement can solve."