The current virus outbreak in China has already influenced the global economy more than the SARS outbreak did in 2003, the Associated Press reports. Seventeen years ago, China accounted for just 4.3% of world economic output and this year its share is 16.3%. So, now when businesses cannot not work with Chinese customers efficiently, the lost revenue is much bigger.
The tourism industry, for example, is under the main threat. About 134 million Chinese traveled abroad in 2019, it was predicted that even more would travel in 2020. Seven million people were expected to visit different countries during the Lunar New Year period (up from 6.3 million in 2019).
However, now, just in the period of the Lunar New Year, the outbreak has influenced behaviour of tourists: Chinese people are being restricted from leaving their country. Chinese travelers have always been considered big-spending, so, industry is not gaining the money it was supposed to.
Moreover, China and some near-located countries were tourists destinations themselves. Tourists have minimized their trips to China (even local tourists have stopped traveling within the country), and Hong Hong, Thailand, Japan and Vietnam are experiencing a huge decrease in number of visitors. In Thailand officials estimate potential lost revenue at $1.6 billion. According to CNN, a Japan tourism company has faced 20,000 cancellations from coronavirus outbreak (and there are many companies there, so, the number of actual cancellations is even higher).
More than 80 people have died and 2,744 people have fallen ill since the coronavirus was first found in the central Chinese city of Wuhan last December.
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