Coronavirus will hurt China's economy more than SARS and lower its growth for 2020, economists warn

The epidemic hit Chinese markets hard on Monday amid fears the disease could harm long-term growth in the world's second-biggest economy.

The coronavirus will have a bigger economic impact on China than the 2003 SARS outbreak, experts have warned, with forecasts for the country's 2020 growth downgraded significantly.

The SSE Composite Index had its biggest daily drop for four years, closing nearly eight percent lower, with manufacturing, materials, and consumer goods companies hit particularly hard. A health worker checks the temperature of women entering the subway on January 26, 2020 in Beijing, China. Experts have warned that the coronavirus will have a huge impact on the Chinese economy.Alicia Garcia-Herrero, chief economist for Asia-Pacific at investment bank Natixis, said the coronavirus was having a bigger impact on China than SARS did as its economy has expanded over the past 17 years.

"We expect the quick policy reaction to avoid a sharp correction in growth so that the party's objective of income doubling can be achieved," she added, referring to the government policy to double China's GDP between 2010 and 2020.

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