The impact of India’s COVID-19 crisis on other EMs through normal economic channels such as trade and financial links should be manageable. The more serious impact will come through delays to vaccine rollouts, particularly for countries in South Asia and Africa that are dependent on vaccines produced by India’s Serum Institute. And India’s crisis is a timely reminder to other EMs with slow rollouts that there remains a major risk of new virus outbreaks, potentially with more contagious variants.
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