Two decades ago the SARS outbreak in China alarmed investors, businesses and political leaders around the world as the mighty production outputs of China were threatened. Today, as the Wuhan coronavirus explodes into a larger outbreak than SARS, concerns of the coronavirus economic impact upon the global economy are raising warning signals.
Various economists estimate that the 2003 SARS outbreak (8,000 people infected, 800 deaths worldwide) reduced China’s growth by 0.5% to 1% in 2003. China has grown into a much larger and influential economic behemoth within the global economy since then – and the Wuhan coronavirus economic impact is far surpassing what we experienced with SARS.
Our guest today is Kristie Spielmaker, a supply chain specialist with direct and specific experience in China. As we discuss the coronavirus economic impact we explore how the ripple effects of the quarantine and spread of the virus are already being felt throughout the world, even in places where the virus itself has not touched down.
Follow our daily tracker on the major happenings and numbers in the Wuhan coronavirus outbreak here.
Kristie explains what is meant when we hear the term “supply chain” and how coronavirus economic impact has dealt a major gap to the global economy’s efforts toward efficiency and production. We are not in a hopeless situation yet but we are in a place where effects of what is occurring in China will soon be felt throughout the rest of the world.
Additional Reading
- Coronavirus Closes China to the World, Straining the Global Economy (Wall Street Journal)
- The coronavirus is already hurting the world economy (CNN Business)
- Charting the Global Impact of the Coronavirus (Bloomberg)
- SARS Stung the Global Economy. The Coronavirus is a Greater Menace (New York Times)
- Coronavirus: The Hit to the Global Economy Will Be Worse Than SARS (CNBC)
Podcast: Play in new window | Download (Duration: 27:07 — 37.7MB)
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