Coronavirus: Outbreak starts to look more like worldwide economic crisis

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"2">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>The coronavirus outbreak began to look more like a worldwide economic crisis on Friday as anxiety about the disease emptied shops&comma; cancelled events&comma; cut trade and travel and dragged already slumping financial markets even lower&period;<&sol;p>&NewLine;<p>The wide-ranging efforts to halt the spread of the illness threatened jobs&comma; pay and profits&period;<&sol;p>&NewLine;<p><&excl;--Ads1--><&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;This is a case where in economic terms the cure is almost worse than the disease&comma;” said Jacob Kirkegaard&comma; senior fellow at the Peterson Institute for International Economics&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;When you quarantine cities… you lose economic activity that you’re not going to get back&period;’<&sol;p>&NewLine;<p>The list of countries touched by the illness climbed to nearly 60 on Friday as Mexico&comma; Belarus&comma; Lithuania&comma; New Zealand&comma; Nigeria&comma; Azerbaijan&comma; Iceland and the Netherlands reported their first cases&period;<&sol;p>&NewLine;<p>More than 85&comma;000 people worldwide have contracted the illness&comma; with deaths topping 2&comma;800&period;<&sol;p>&NewLine;<p>The head of the World Health Organisation &lpar;WHO&rpar; announced that the risk of the virus spreading worldwide was &OpenCurlyDoubleQuote;very high”&comma; citing the &OpenCurlyDoubleQuote;continued increase in the number of cases and the number of affected countries”&period;<&sol;p>&NewLine;<p>The economic ripples have already reached around the globe&period;<&sol;p>&NewLine;<p>Stock markets around the world plunged again on Friday&period;<&sol;p>&NewLine;<p>But the impact was just as evident in the hush that settled in over places where throngs of people ordinarily work and play and buy and sell&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;There’s almost no one coming here&comma;” said Kim Yun-ok&comma; who sells doughnuts and seaweed rolls at Seoul’s Gwangjang Market&comma; where crowds were thin ON Friday as South Korea counted 571 new cases — more than in China&comma; where the virus emerged&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;I am just hoping that the outbreak will come under control soon&period;”<&sol;p>&NewLine;<p><&excl;--Ads2--><&sol;p>&NewLine;<blockquote class&equals;"twitter-tweet" data-width&equals;"550" data-dnt&equals;"true">&NewLine;<p lang&equals;"en" dir&equals;"ltr">NEW&colon; WHO guidance on how to prevent the spread of <a href&equals;"https&colon;&sol;&sol;twitter&period;com&sol;hashtag&sol;COVID19&quest;src&equals;hash&amp&semi;ref&lowbar;src&equals;twsrc&percnt;5Etfw">&num;COVID19<&sol;a> in a workplace to protect your customers&comma; contractors and employees<a href&equals;"https&colon;&sol;&sol;t&period;co&sol;Du86YZYvxd">https&colon;&sol;&sol;t&period;co&sol;Du86YZYvxd<&sol;a><a href&equals;"https&colon;&sol;&sol;twitter&period;com&sol;hashtag&sol;coronavirus&quest;src&equals;hash&amp&semi;ref&lowbar;src&equals;twsrc&percnt;5Etfw">&num;coronavirus<&sol;a> <a href&equals;"https&colon;&sol;&sol;t&period;co&sol;HJ8JYu2JLr">pic&period;twitter&period;com&sol;HJ8JYu2JLr<&sol;a><&sol;p>&NewLine;<p>&mdash&semi; World Health Organization &lpar;WHO&rpar; &lpar;&commat;WHO&rpar; <a href&equals;"https&colon;&sol;&sol;twitter&period;com&sol;WHO&sol;status&sol;1233452201403731968&quest;ref&lowbar;src&equals;twsrc&percnt;5Etfw">February 28&comma; 2020<&sol;a><&sol;p><&sol;blockquote>&NewLine;<p><script async src&equals;"https&colon;&sol;&sol;platform&period;twitter&period;com&sol;widgets&period;js" charset&equals;"utf-8"><&sol;script><&sol;p>&NewLine;<p>In Asia&comma; Tokyo Disneyland and Universal Studios Japan announced they would close&comma; and events that were expected to attract tens of thousands of people&comma; including a concert series by the K-pop group BTS&comma; were called off&period;<&sol;p>&NewLine;<p>The state-run Export-Import Bank of Korea shut down its headquarters in Seoul after a worker tested positive for the virus&comma; telling 800 others to work from home&period; Japanese officials prepared to shutter all schools until early April&period;<&sol;p>&NewLine;<p>In Italy – which has reported 888 cases&comma; the most of any country outside of Asia — hotel bookings fell&comma; and Premier Giuseppe Conte raised the spectre of recession&period;<&sol;p>&NewLine;<p>Shopkeepers like Flavio Gastaldi&comma; who has sold souvenirs in Venice for three decades&comma; wondered if they could survive the blow&period;<&sol;p>&NewLine;<p><&excl;--Ads3--><&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We will return the keys to the landlords soon&comma;” he said&period;<&sol;p>&NewLine;<blockquote class&equals;"twitter-tweet" data-width&equals;"550" data-dnt&equals;"true">&NewLine;<p lang&equals;"en" dir&equals;"ltr">&OpenCurlyDoubleQuote;This not a time for panic – it is time to be prepared&period;&quot&semi;<&sol;p>&NewLine;<p>&&num;8212&semi; <a href&equals;"https&colon;&sol;&sol;twitter&period;com&sol;antonioguterres&quest;ref&lowbar;src&equals;twsrc&percnt;5Etfw">&commat;antonioguterres<&sol;a> on the <a href&equals;"https&colon;&sol;&sol;twitter&period;com&sol;hashtag&sol;coronavirus&quest;src&equals;hash&amp&semi;ref&lowbar;src&equals;twsrc&percnt;5Etfw">&num;coronavirus<&sol;a>&comma; as <a href&equals;"https&colon;&sol;&sol;twitter&period;com&sol;WHO&quest;ref&lowbar;src&equals;twsrc&percnt;5Etfw">&commat;WHO<&sol;a> raises the risk assessment of <a href&equals;"https&colon;&sol;&sol;twitter&period;com&sol;hashtag&sol;COVID19&quest;src&equals;hash&amp&semi;ref&lowbar;src&equals;twsrc&percnt;5Etfw">&num;COVID19<&sol;a> to very high at the global level&period; <a href&equals;"https&colon;&sol;&sol;t&period;co&sol;Rf6XnHxBIT">https&colon;&sol;&sol;t&period;co&sol;Rf6XnHxBIT<&sol;a> <a href&equals;"https&colon;&sol;&sol;t&period;co&sol;5p1WZWRNgz">pic&period;twitter&period;com&sol;5p1WZWRNgz<&sol;a><&sol;p>&NewLine;<p>&mdash&semi; United Nations &lpar;&commat;UN&rpar; <a href&equals;"https&colon;&sol;&sol;twitter&period;com&sol;UN&sol;status&sol;1233496230535290881&quest;ref&lowbar;src&equals;twsrc&percnt;5Etfw">February 28&comma; 2020<&sol;a><&sol;p><&sol;blockquote>&NewLine;<p><script async src&equals;"https&colon;&sol;&sol;platform&period;twitter&period;com&sol;widgets&period;js" charset&equals;"utf-8"><&sol;script><&sol;p>&NewLine;<p>The Swiss government banned events with more than 1&comma;000 people&comma; while at the Cologne Cathedral in Germany&comma; basins of holy water were emptied for fear of spreading germs&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;It’s not cholera or the black plague&comma;” said Simone Venturini&comma; the city councillor for economic development in Venice&comma; Italy&comma; where tourism already hurt by historic flooding last year has sunk with news of virus cases&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;The damage that worries us even more is the damage to the economy&period;”<&sol;p>&NewLine;<p>Europe’s economy is already teetering on the edge of recession&period;<&sol;p>&NewLine;<p>A measure of business sentiment in Germany fell sharply last week&period;<&sol;p>&NewLine;<p>China is a huge export market for German manufacturers&period; Weaker business sentiment could lead companies to postpone their investment and expansion plans&period;<&sol;p>&NewLine;<p>Globally&comma; more than 85&comma;000 people have fallen ill with the coronavirus&period;<&sol;p>&NewLine;<p>China&comma; though hardest hit&comma; has seen lower numbers of new infections&comma; with 327 additional cases reported ON Friday&comma; bringing the country’s total to 78&comma;824&period; Another 44 people died there for a total of 2&comma;788&period;<&sol;p>&NewLine;<p><&excl;--Ads4--><&sol;p>&NewLine;<p>South Korea has recorded 2&comma;337 cases&comma; the most outside of China&period;<&sol;p>&NewLine;<p>Emerging clusters in Italy and in Iran&comma; which has had 34 deaths and 388 cases&comma; have led to infections of people in other countries&period; France and Germany were also seeing increases&comma; with dozens of infections&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;I think this is a reality check for every government on the planet&comma;” WHO emergencies programme director Michael Ryan said on Friday after the agency raised its alert level&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Wake up&comma; get ready&period; This virus may be on its way&period;”<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68e4bf0bc202b">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; 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