The Economic Corner || Why is Germany against the waiver of IP rights for Covid-19 Vaccines?

•  German Chancellor Angela Merkel has firmly opposed the suspension of intellectual property rights for Covid 19 vaccines.

• Trade Minister Dan Tehan has expressed disappointment over the downward spiral in diplomatic relations with China.

• Australia’s trade minister said the country’s international borders may not completely open until the second half of 2022

• China, on the other hand, hit out at G7 leaders over Taiwan statement. China said that G7 leaders are interfering in China’s internal affairs as all seven countries for the first time voiced unified support for Taiwan participating in the WHO forums and the World Health Assembly. 

• the Reserve Bank of Australia for May 2021 said that Strong global growth is expected this year and next as the global economy recovers from the pandemic.

• Now updates from the Monetary policy report from the Bank of England. As per the report, Covid has hit spending, incomes and jobs in the UK. It has put a big strain on UK businesses’ cash flow and is threatening the livelihoods of many people. The bank said that it’s job is to ensure inflation returns to 2% target sustainably

• for the economic data release for the day, the US Department of Labor will release its non-farm payroll data for April later today.

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