Coronavirus cases mount, endangering world economy

New York:The World Health Organization Chief has said the coronavirus outbreak requires significant action as infections near 100,000 worldwide,, even as 2,241 new cases of COVID-19 have been reported across the globe. But the scare is incalculable. For abundance of caution, global business, tech and sporting events are being cancelled or scaled down, companies are asking employees to work from home. Cancelled flights has the airlines industry losing billions of dollars.  The global GDP may be hit by $2.4 trillion this year in the best case scenario, according to one study in Australia.      

As fears surrounding coronavirus gripped investors, on Thursday the Dow dipped by almost 1000 points, and early on Friday, the Indian equity indices slumped with the BSE Sensex falling over 1,450 points.

The US Senate on Thursday approved an $8.3 billion House-passed emergency spending package to combat the coronavirus that has been spreading throughout the United States, with 160 reported cases. Now the bill goes to President Trump’s desk.

Image courtesy of thesatimes |

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