Coronavirus: the Economic Impact – BBC News
Date: 2020-02-26 08:01:21
Financial markets plunged again on Tuesday as investors continued to worry about the spread of the coronavirus.
The Dow shed almost 900 points, falling more than 3% to close at 27,081. The S&P 500 also closed more than 3% lower, while the Nasdaq sank 2.8%,
The declines followed drops overseas. In the UK, the FTSE 100 fell almost 2% to a 12-month low of 7,018, while Japan’s Nikkei 225 index fell 3.3%.
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The human cost of the coronavirus outbreak is climbing across China and beyond. The economic cost is also mounting, mainly, but not only, in China.
That damage is, for the most part, not due to the virus itself so much as efforts to prevent it spreading.
There are strict restrictions on moving out of Wuhan, where the outbreak began, a city with a population of 11 million.
The lockdown, also now extended to other parts of Hubei province, prevents business-related travel as well as the movement of goods and workers.
Fear of the virus also means many people will choose to avoid activities they think might expose them to the risk of infection.