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Long COVID Could Cost OECD Countries $135 Billion Annually, Report Warns

The chronic condition could cost OECD countries billions per year, with the total comparable to the annual health budgets of the Netherlands or Spain, a new report shows. The long-term illness affecting some people who have had COVID-19, known as long COVID, could impose a total economic burden of $135 billion (€115.38 billion) annually over the next decade.

The Organisation for Economic Co-operation and Development (OECD) analysed the socio-economic impact of long COVID, highlighting losses driven by employment breaks, premature exits from the workforce, and reduced productivity. The report predicts that indirect costs will far exceed the direct healthcare costs associated with the condition between 2025 and 2035.

“Long COVID will continue to dent workforce participation and productivity at a time of modest economic growth and population ageing,” the authors wrote. Projections suggest that, depending on the ongoing incidence of the virus, the condition could affect between 0.6% and 1.0% of the OECD population over the next ten years.

The economic impact is expected to remain significant. Under realistic scenarios, yearly losses could equal 0.1% to 0.2% of GDP, translating to roughly $135 billion per year. Even if optimistic assumptions see prevalence and losses decline, the report stresses that persistent economic effects are likely.

The OECD noted that while the clinical features of long COVID are better understood today, the social and economic consequences are only starting to be systematically measured. Recognition, diagnosis, and care remain uneven across member countries, and most lack high-quality, usable data on the condition.

“Prioritising the collection and reporting of national data on long COVID is critical to inform policy responses,” the report said. Understanding the long-term effects of infection can help countries prepare for future pandemics and potential new variants of the virus.

The report also warned that early stages of the COVID-19 pandemic often overlooked long-term consequences, leaving health systems unprepared for post-acute recovery challenges. Authors stressed that any future pandemic response should integrate long-term sequelae into planning from the outset, ensuring early recognition and support for affected populations.

Long COVID symptoms can include fatigue, cognitive difficulties, and respiratory problems, which can persist for months after the initial infection. These health effects contribute to reduced workforce participation and productivity, reinforcing the report’s warning of significant socio-economic consequences.

The OECD’s findings underline that long COVID is not just a public health issue but a substantial economic challenge for advanced economies. Policymakers are urged to improve data collection, diagnosis, and care, while considering the broader implications for workforce planning and economic resilience in the years ahead.

Business

Fraudsters are increasingly using AI-generated images and videos to trick people into handing over sensitive personal and financial information, according to FraudSMART, the financial crime awareness initiative operated by the Banking and Payments Federation Ireland (BPFI). The organisation has reported a rise in online adverts promoting fake, State-backed investment schemes. These scams often use fabricated images of well-known politicians and business figures to make the offers appear legitimate and encourage users to click on registration links. Niamh Davenport, head of financial crime at BPFI, said scammers are deliberately exploiting recent media coverage of a planned State-backed savings and investment scheme to give their frauds a sense of credibility. “They often claim the scheme is open to everyone, but that places are limited and being ‘snapped up’ fast, in order to pressure people to act quickly,” she said. “They typically promise guaranteed returns or a guaranteed monthly income.” FraudSMART said that while anyone can be targeted, people in their early 50s are particularly vulnerable to investment scams. This age group is often focused on retirement planning, making them more receptive to financial offers that appear secure or high-yield. According to the organisation, most scams follow a similar pattern. Victims are first directed to click a registration link and complete a short online form providing their contact details. They are then contacted by someone posing as a financial adviser, who urges them to make an immediate “security deposit” to secure participation in the scheme. Once a payment is made, the money is quickly moved through multiple accounts, often overseas, making recovery extremely difficult. Davenport warned that scammers are becoming more sophisticated in their use of technology, particularly AI tools that allow them to create realistic but entirely fake promotional content. These materials are designed to mimic legitimate financial advertisements and build trust with potential victims. Recent figures from An Garda Síochána show investment fraud rose by 20% last year, with losses exceeding €20 million. The scale of individual scams varies widely, ranging from smaller crypto-related frauds involving a few hundred euro to large-scale investment schemes where victims lose tens of thousands. FraudSMART is urging the public to remain cautious when encountering online investment advertisements, especially those promising guaranteed returns or requiring urgent action. It also advises consumers to avoid sharing personal information with unverified sources and to be wary of pressure tactics designed to rush financial decisions. Authorities continue to warn that fraudsters are adapting quickly, using advanced digital tools to target victims across multiple platforms.

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Business

Fraudsters are increasingly using AI-generated images and videos to trick people into handing over sensitive personal and financial information, according to FraudSMART, the financial crime awareness initiative operated by the Banking and Payments Federation Ireland (BPFI). The organisation has reported a rise in online adverts promoting fake, State-backed investment schemes. These scams often use fabricated images of well-known politicians and business figures to make the offers appear legitimate and encourage users to click on registration links. Niamh Davenport, head of financial crime at BPFI, said scammers are deliberately exploiting recent media coverage of a planned State-backed savings and investment scheme to give their frauds a sense of credibility. “They often claim the scheme is open to everyone, but that places are limited and being ‘snapped up’ fast, in order to pressure people to act quickly,” she said. “They typically promise guaranteed returns or a guaranteed monthly income.” FraudSMART said that while anyone can be targeted, people in their early 50s are particularly vulnerable to investment scams. This age group is often focused on retirement planning, making them more receptive to financial offers that appear secure or high-yield. According to the organisation, most scams follow a similar pattern. Victims are first directed to click a registration link and complete a short online form providing their contact details. They are then contacted by someone posing as a financial adviser, who urges them to make an immediate “security deposit” to secure participation in the scheme. Once a payment is made, the money is quickly moved through multiple accounts, often overseas, making recovery extremely difficult. Davenport warned that scammers are becoming more sophisticated in their use of technology, particularly AI tools that allow them to create realistic but entirely fake promotional content. These materials are designed to mimic legitimate financial advertisements and build trust with potential victims. Recent figures from An Garda Síochána show investment fraud rose by 20% last year, with losses exceeding €20 million. The scale of individual scams varies widely, ranging from smaller crypto-related frauds involving a few hundred euro to large-scale investment schemes where victims lose tens of thousands. FraudSMART is urging the public to remain cautious when encountering online investment advertisements, especially those promising guaranteed returns or requiring urgent action. It also advises consumers to avoid sharing personal information with unverified sources and to be wary of pressure tactics designed to rush financial decisions. Authorities continue to warn that fraudsters are adapting quickly, using advanced digital tools to target victims across multiple platforms.

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