The Coronavirus Has The Potential To Wreak Havoc On The Global Economy And Job Market

The Coronavirus Has The Potential To Wreak Havoc On The Global Economy And Job Market
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By Christine Moukazis

Over the weekend, reports indicated that the death toll and confirmed cases of the coronavirus have risen staggeringly, as the world collectively pontificates the likelihood of an impending pandemic. The number of deaths related to the virus have now officially exceeded the number of casualties caused by the 2003 SARS outbreak. 

There are at least 17,205 confirmed cases in more than two dozen countries, according to the World Health Organization. The virus has claimed 361 lives in China, and one was confirmed in the Philippines.

China has taken extreme measures to stop the virus from spreading with 46 million people now on lockdown—marking the largest quarantine in human history. 

On Twitter, there are graphic photos and videos coming out of Wuhan (the epicenter of the outbreak) of Chinese citizens—suspected of having the coronavirus—aggressively being locked into their homes by police officers and armed personnel, presumably the military. 

A video went viral, showing body bags in a bus and a man weeping next to his dead father. In the video, the person filming says, “So many people just died. There are so many dead bodies…They are still moving bodies.”

On Monday, Tedros Adhanom Ghebreyesus, WHO director-general, warned that the world may be “dangerously” unprepared for the next pandemic. 

Fear has been magnified, as rumors claimed that Chinese scientists had engineered the coronavirus and it had leaked from the institute’s biosafety level-IV laboratory, the highest biohazard precaution standards designed to contain and study the world’s most perilous pathogens, including Ebola, smallpox, Lassa fever and Marburg virus.

The financial blog, Zero Hedge, was banned from Twitter for touting this conspiracy theory. 

China has criticized the U.S. for being at the forefront of the global hysteria surrounding the virus. The U.S. had “overreacted” to the outbreak, only creating and spreading panic, said a spokesperson from China’s Foreign Ministry.

Several major airlines and U.S. companies with significant footprints in China have temporarily halted operations, shutting down factories and implementing travel bans, as they grapple with the coronavirus outbreak that’s thwarted commerce in China and sent global markets off the rails.

All of this uncertainty will likely slow growth, including hiring. If a vaccine is quickly found, this will be short-lived. If the virus continues to claim more casualties and fear further intensifies, it is reasonable to believe that business will appreciably slow down, which will damage global stock markets and adversely impact the job market.

Below, we have compiled some of the ominous images and video coming out of China:

 

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