Why coronavirus is a bigger threat to the global economy than previous outbreaks
Sixteen years after the SARS virus infected over 8,000 people and killed 77, the coronavirus is now sparking fears across the globe with no vaccine in sight.The coronavirus is likely to have a bigger economic impact than previous outbreaks thanks to a rapidly growing Chinese economy and its deeper commercial ties to the U.S. In 2003, when the SARS virus hit, China’s GDP was $1.6 trillion. Today, China’s GDP sits around $13 trillion.
Over that period, China has been a growth hub for U.S. companies looking for ways to boost their bottom lines. Now those companies are on the front lines of a growing health pandemic that’s infected nearly 10,000 people and killed at least 213. Some U.S businesses, like gaming giant Las Vegas Sands Corp. , had no operations when SARS hit in 2003.
Earlier this week Marriott said it was waiving cancellation fees for hotel stays through February 29, 2020, for guests with reservations at hotels in mainland China, Hong Kong, Macau and Taiwan. The waiver is also available for guests from mainland China, Hong Kong SAR, Macau and Taiwan traveling outbound to other Marriott destinations globally.Visitors to Las Vegas Sands properties in Macau are down 80% during a typically busy Lunar New Year season as the coronavirus hits the region.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China finishes new hospital for virus patients as toll growsBEIJING (AP) — China completed building a 1,000-bed hospital for treating victims of a new virus that has caused 362 deaths and more than 17,000 infections at home and abroad, according to the...
Read more »
Asian shares set for rough ride on virus fears, China in focusAsian markets are set for another bumpy ride on Monday on fears about the hit to...
Read more »
Philippines reports first coronavirus death outside ChinaThe Philippines on Sunday reported the first overseas death from the growing epi...
Read more »
FilMart Weighs its Options as Hong Kong Closes Border With China in Virus ResponseHong Kong on Monday severed nearly all of its land and sea connections with mainland China as part of growing measures in Asia to slow the spread of coronavirus. The move makes it ever more likely …
Read more »
China reports 304 virus deaths, fires officials for poor jobBREAKING: China’s death toll from a new virus rises to 304 with more than 14,000 confirmed cases, amid warnings from the World Health Organization that other countries need to be prepared in the event the disease spreads among their populations.
Read more »