FILE - In this Feb. 29, 2020, file photo, a staff member blocks the view as a person is taken by a stretcher to a waiting ambulance from a nursing facility where people are sick and being tested for the COVID-19 virus in Kirkland, Wash. From Miami to Seattle, nursing homes and other facilities for the elderly are stockpiling masks and thermometers, preparing for staff shortages and screening visitors to protect a particularly vulnerable population from the deadly new coronavirus.
Capital Economics expects the Chinese economy to shrink 2% in the January-March quarter and to grow as little as 2% for the year. That would be a disastrous and humiliating comedown for an economy that delivered a sizzling 9% average annual growth rate from 2000 through last year. Yet the new virus has spread far faster and more widely than expected. Between November 2002 and early August 2003, SARS infected 7,400 people in 32 countries and territories and killed 916. By contrast, COVID-19 has infected more than 100,000 people and killed more than 3,400 in 90 countries. And the toll is growing.
In Europe, Germany’s largest airline, Lufthansa, says it will cut up to 50% of its flights in the next few weeks, having suffered a drastic drop in reservations. The struggling British airline Flybe collapsed last week as the outbreak quashed ticket sales. Air France and Scandinavian Airlines are freezing hiring and offering unpaid leave and shorter work hours as they endure a drop in passengers and cargo.
Last week, the Federal Reserve announced a surprise half-point cut in its key interest rate to try to aid the economy in the face of the coronavirus. The Fed is expected to cut rates further in coming weeks, though economists question whether that will do much to bolster investor or consumer confidence. Central banks in Australia, Canada, China and Japan have also acted to support their economies. The European Central Bank is expected to announce its next steps this week.
Executives of Salus Brands, a company in Tempe, Arizona, that sells swimming-pool floats and bottles of slime, fear that deliveries from its Chinese factories won’t arrive in time for summer vacation.
PaulWisemanAP The flu has infected 45 million killed over 42,000 worldwide coronavirus has infected 90,000 and killed 3,000 worldwide (all estimates) this is just fake news over hyping trying to cause a panic for a better news story and to try to destroy the American economy 🤷♂️change my mind..
PaulWisemanAP And how many cases of flu? Media spreading fear and panic as fast as they can. Hoping that in the midst of a pandemic we choose bumbling Biden over a qualified leader like realDonaldTrump. Bad logic.
PaulWisemanAP The MSM has spread the false bad news and not the true fact news. Why is that ? TDS is real.
PaulWisemanAP You want it so bad don’t you?
PaulWisemanAP The media and liberal fearmongering doesn't help, does it?
PaulWisemanAP Recession caused by inaction. We aren't doing enough to stop spreading. Too much uncertainty about how many will end up self quarantining. That's why this approach isn't enough.
PaulWisemanAP Harping on it three times everyday really helps the anxiety, too! Thanks AP!
PaulWisemanAP And yet, AP, you criticize Trump when he tries to calm the anxiety.