Monday that their coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection.

The reported efficacy rate was higher than expected, as scientists had hoped for a coronavirus vaccine that is at least 75% effective, while White House coronavirus advisor Dr. Anthony Fauci has said one that is 50% or 60% effective would be acceptable.

While the coronavirus vaccine development from Pfizer was positive for the global economy, the Economist Intelligence Unit’s (EIU) Agathe Demarais warned in a note that “caution remains required.”

“We’re far from being out of the woods, yet. There will likely be bottlenecks around the actual manufacturing processes of the vaccine, and getting the jab rolled out across the world will be both tricky, and expensive,” said Demarais, global forecasting director at the EIU.

“We continue to expect that the global economic recovery will be slow and bumpy. Global GDP will not recover to pre-coronavirus levels until at least end-2022, with a longer timeline likely for several countries, including Japan, Italy and Mexico,” Demarais said