Key points:
- China’s National Health Commission said there were 433 new confirmed cases and 29 additional deaths as of Feb. 26.
- South Korea confirmed 505 new cases of the coronavirus on Thursday, Yonhap news agency reported, bringing the total number of infections nationwide to 1,766.
- A woman in Osaka is the first person in Japan to test positive again after recovering, Reuters reported citing the prefectural government.
- Saudi Arabia will temporarily suspend the entry of foreigners for pilgrimage and tourism purposes, the Ministry of Foreign Affairs announced.
Japanese Prime Minister Shinzo Abe reportedly said on Thursday that the government would ask all elementary, junior high and high schools to close from March 2 through to spring break.
Abe’s comments, according to Reuters, came at a meeting of the government’s task force as part of efforts to contain the coronavirus outbreak.
Spring break in Japan typically ends around the end of March.
Market Impact
World markets were down sharply yesterday and EuroPean markets were down a further 3.3% today as Coronavirus fears are gripping the market.
According to CNBC
- Global stocks are set for their worst week since the financial crisis in 2008, with the MSCI World index down 9%, while the pan-European Stoxx 600 is on course for its worst week since August 2011.
- European stocks entered correction territory on Thursday, falling 10% below the record highs seen on Feb. 19 last year, as the rapid spread of the coronavirus beyond China caused global markets to nosedive.
Economic Impact on South Africa
Trade and tourism disruptions resulting from the COVID-19 (Coronavirus) might cost South Africa as much as R200 million and 1,000 jobs, according to simplified estimates from Big Four accounting and advisory firm PwC. The firm recommends that South African businesses prepare for disruption.
PwC’s recommendations are contextualised against the rapid proliferation of the virus, not only in Wuhan and the surrounding regions but also across the globe. Recent reports of confirmed cases and casualties in Italy have sparked concerns in the international market that the situation is spiralling out of control.
Aside from the virus’ devastating human cost, PwC points out that its spread might cause significant disruption to supply chains across the globe. Wuhan itself, for instance, is a major transportation port for 6,000 companies from 80 markets across the globe, and its quarantine has already been a major disruption.
Add to this the restricted movement of goods and people from the rest of China as well, and most trade partners have reason to worry. China is South Africa’s largest trade partner in both the imports and exports segment, significantly larger than Germany, the US, India and Saudi Arabia.
Resources
The following resources are being updated regularly with timely information:
- A live-tracker of the spread of the disease from Johns Hopkins University.
- The latest updates from the WHO on the virus.
- WHO’s recommendations for the public to reduce exposure.
- The Center for Disease Control’s (CDC) recommendations for traveling.
- WHO’s event planning guide with recommendations for those planning large events.
- Stay updated – https://coronavirusmonitor.gr8.com/
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