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Is coronavirus outbreak more damaging than earlier thought?

Team Veye | 10 Feb 2020

Is coronavirus outbreak more damaging than earlier thought?

Amidst mounting global worries, the world wide spread of Coronavirus has claimed the lives of more than 800 people as per the latest count. It has already overshadowed the death toll from the global outbreak of SARS that started in China almost two decades ago. It is likely to surpass MERS (858 deaths in 2012).

Across mainland China, there were 2,656 new confirmed infections on Saturday, bringing the total accumulated number so far to 37,593 of which 6196 were reported in severe condition. The recovered people were 2873 till latest reports.

The 2002-2003 outbreak of severe acute respiratory syndrome, or SARS, killed 774 people and sickened almost 8,100 others, in 26 countries, over eight months, the World Health Organization said. Mainland China accounted for about 45% of SARS deaths.

The novel coronavirus (2019-nCoV) is affecting 28 countries and territories around the world. The virus spreading fast across China could be more damaging for the world. China economy is now bigger than during SARS. Its ripple effects are already being felt across supply chains and in commodities market.

Last Monday, the coronavirus outbreak hit the Chinese stock market dramatically. Trading was suspended on many stocks as they hit the lower ten percent circuit within minutes.

The effects of virus are being felt on a daily basis now. Disrupted air travel to supply chains, falling commodity prices are all indicating dampened growth prospects across the World. 

Full economic fallout will depend on how well China can ultimately contain the outbreak.

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