‘Risk is very high,’ warns WHO, as coronavirus wipes $6 trillion off markets

GENEVA/BEIJING – (warsoor) – The coronavirus spread further on Friday, with cases reported for the first time in six countries across three continents, battering markets and leading the World Health Organization (WHO) to raise its impact risk alert to “very high.”

Hopes that the epidemic that started in China late last year would be over in months, and that economic activity would quickly return to normal, have been shattered.

People wearing masks after the coronavirus outbreak wait in a line to buy masks in front of a department store in Seoul, South Korea, February 28, 2020. REUTERS/Kim Hong-Ji

World shares were on course for their largest weekly fall since the 2008 financial crisis, bringing the global wipeout to $6 trillion as supply chains were disrupted, travel plans postponed and major events canceled. 

The WHO said it was raising its assessment of the global risk to ‘very high’ from ‘high’, which its head of emergencies Dr Mike Ryan said was intended to put national authorities on full alert.

“I think this is a reality check for every government on the planet – wake up, get ready, this virus may be on its way and you need to be ready,” Ryan said.

The latest WHO figures indicate over 82,000 people have been infected, with over 2,700 deaths in China and 57 deaths in 46 other countries.

Mexico, Nigeria, Estonia, Denmark, the Netherlands and Lithuania reported their first cases, all with travel history connected to Italy, the worst-affected European country. Mexico is the second Latin American country to register the virus, after Brazil, and the Nigerian case is the first in sub-Saharan Africa.

A Chinese official said some recovered patients had been found to be infectious, suggesting the epidemic may be even harder to eradicate than previously thought.

WHO spokesman Christian Lindmeier said the organization was looking very carefully into reports of some people getting re-infected.

In addition to stockpiling medical supplies, some governments ordered schools shut and canceled big gatherings to try to halt the flu-like disease. Switzerland canceled next week’s Geneva international car show, one of the industry’s most important gatherings.

Source: Reuters