Via GaveKal:
It is looking likely that most countries will miss their Covid-19 vaccination targets for 2021. This creates a risk of slower than expected economic growth, especially in Europe where renewed lockdowns have forced the region into a double-dip recession, from which it may start to emerge only around midyear. Moreover, any activity dependent on international travel or large-scale gatherings will remain severely depressed until well into 2022.
Most developed economies have contracted for more than enough doses of the various vaccines to immunize most or all of their adult populations by the end of this year (see Darkness Before Dawn: The Covid Vaccine Outlook).
