Coronavirus update: Officials sound alarm on pandemic risks as worldwide outbreaks surface, grow
government was no longer able to track new infections.’ data-reactid=”18″>Italy, which with over 300 cases has the third largest cluster of new illnesses, reported a doubling in new cases overnight. Perhaps more worrisome was an outbreak in Germany — Europe’s largest economy — where the health minister warned the government was no longer able to track new infections.
Representatives from the Centers for Disease Control and the Food and Drug Administration have issued dire warnings about the U.S. being “on the cusp” of a pandemic.’ data-reactid=”20″>While President Donald Trump has tweeted his assurances that the outbreak is under control, administration health officials have sent conflicting messages. Representatives from the Centers for Disease Control and the Food and Drug Administration have issued dire warnings about the U.S. being “on the cusp” of a pandemic.
“I don’t think we are prepared to deal with the kind of restrictions that China placed on many of its citizens,” University of Houston law professor Seth Chandler told Yahoo Finance in an interview.
A host of multinational companies have shuttered operations and restricted travel to the world’s second largest economy, which itself has imposed quarantines and tightened the reins on business activity.
“While we do have good laws and we do have well-meaning people, we do still have an attitude that respects freedom and choice, which is normally a good thing,” Chandler said. However, “I’m not sure how wiling we are to shut down our economy,” he added.
Calling for a response to the outbreak that would be the functional equivalent to the Manhattan Project, Chandler said that “rational fear will paralyze an economy. Moreover, it might not be just two weeks of hunkering down. So long as the virus keeps bubbling up…the economy will be seriously depressed and social norms may change greatly.”
hard blow to multinational supply chains.’ data-reactid=”27″>The pathogen’s impact on China has economists revising global growth prospects, and delivered a hard blow to multinational supply chains.
“Anything that has coronavirus moves this market,” Alan Valdes, senior partner at Silverbear Capital, told Yahoo Finance Wednesday.