Economist who said SARS cost US$40 billion sees bigger hit now

The sheer growth in the Chinese economy over the last 17 years means the global health emergency triggered by the coronavirus outbreak has far greater potential to gouge global growth, according to Warwick McKibbin, professor of economics at the Australian National University in Canberra.

While difficult to pinpoint a precise cost as the crisis is still unfolding, the impact will be experienced mostly through changes in “human psychology,” he said. “Panic is what seems to be the biggest drain on the economy, rather than deaths.” What Bloomberg’s Economists Say... “Back in 2003, China accounted for just 4% of global GDP. Fast forward to 2020, and its share has increased to 17%. That means the global spillover if China’s growth slumps will be larger.”

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Economist who counted $54.5 billion Sars cost sees bigger hit from Wuhan virusSYDNEY (BLOOMBERG) - The global cost of the coronavirus could be three or four times that of the 2003 Sars outbreak that sapped the world's economy by US$40 billion (S$54.5 billion), according to the economist who calculated that figure.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Economist who counted $54.5 billion Sars cost sees bigger hit from Wuhan virusSYDNEY (BLOOMBERG) - The global cost of the coronavirus could be three or four times that of the 2003 Sars outbreak that sapped the world's economy by US$40 billion (S$54.5 billion), according to the economist who calculated that figure.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »