Sixteen years after the SARS virus infected over 8,000 people and killed 77, the coronavirus is now sparking fears across the globe with no vaccine in sight.The coronavirus is likely to have a bigger economic impact than previous outbreaks thanks to a rapidly growing Chinese economy and its deeper commercial ties to the U.S. In 2003, when the SARS virus hit, China’s GDP was $1.6 trillion. Today, China’s GDP sits around $13 trillion.
Over that period, China has been a growth hub for U.S. companies looking for ways to boost their bottom lines. Now those companies are on the front lines of a growing health pandemic that’s infected nearly 10,000 people and killed at least 213. Some U.S businesses, like gaming giant Las Vegas Sands, had no operations when SARS hit in 2003.
Earlier this week Marriott said it was waiving cancellation fees for hotel stays through February 29, 2020 for guests with reservations at hotels in mainland China, Hong Kong, Macau and Taiwan. The waiver is also available for guests from mainland China, Hong Kong SAR, Macau and Taiwan traveling outbound to other Marriott destinations globally.Visitors to Las Vegas Sands properties in Macau are down 80 percent during a typically busy Lunar New Year season as the coronavirus hits the region.
It can stall China and drag country economy to bankruptcy as number of fatalities on this virus rises.