Corona virus in China and its worldwide economic impacts
A new coronavirus, designated 2019-nCoV,was identified in Wuhan, the capital of China's Hubei province, after 41 people developed pneumonia without a clear cause in early December 2019, with existing treatments not effective.The virus has shown evidence of human-to-human transmission with the number of cases quickly climbing into the thousands by late January 2020.and several countries across Europe, North America and especially the Asia-Pacific reporting cases.As of 3 February 2020, approximately 20,626 cases have been confirmed,including in every province-level division of China. The first confirmed death occurred on 9 January and since then, as of 3 February 2020, 426 deaths have been confirmed.A larger number of people may have been infected, but not detected (especially mild cases).A number of countries have issued warnings against travel to Wuhan and Hubei.Travelers who have visited Mainland China have been asked to monitor their health for at least two weeks and contact their healthcare provider to report any symptoms of the virus.The epidemic coincided with the New Year, which marks a major festival season for the region and the busiest travel period in China. A number of events involving large crowds were cancelled by national and regional governments, including the annual New Year festival in Hong Kong, with private companies also independently closing their shops and tourist attractions such as Hong Kong Disneyland.As Mainland China is a major economy and a manufacturing hub, the viral outbreak has been seen to pose a major destabilising threat to the global economy. Agathe Demarais of the Economist Intelligence Unit has forecast that markets will remain volatile until a clearer image emerges on potential outcomes. Some analysts have estimated that the economic fallout of the epidemic on global growth .