Let’s face it, you can’t listen to or read any media that isn’t discussing the Coronavirus. It’s affecting travel, the stock market, and most importantly – our clients thoughts and concerns about buying and selling. So, here is an article from the U.S. Chamber of Commerce that will hopefully provide you with FACTS which help dispel FEAR (false evidence appearing real).
MAR 03, 2020 – 9:15AM
Quick Take: Coronavirus’ Economic Impact
U.S. CHAMBER STAFF
The Coronavirus (COVID-19) was first identified in Wuhan, China and reported by the World Health Organization on December 31. It has infected tens of thousands of Chinese citizens with pneumonia-like symptoms and has now spread to dozens of countries across the globe with cases being reported across Europe, Asia, the Middle East, Africa, Australia, and North America.
However, in the United States, the impact of the disease has been more limited with only a few dozen cases reported at this time, primarily in California, Oregon and Washington. For the latest numbers, visit the CDC’s website.
What’s the impact? The spread of the Coronavirus could have significant implications for businesses here at home and around the globe.
Industrial sectors will be impacted in waves, for example certain transportation sectors like aviation and certain trade-dependent industries are already being impacted.
Today, it’s too early to determine the long-term impact on supply chains, manufacturing, and the American economy. Given the importance of consumer spending to the American economy, much will depend on the confidence of the American public.
What’s the risk to the public? Low. The CDC’s current assessment says that “for the general American public, who are unlikely to be exposed to this virus at this time, the immediate health risk from COVID-19 is considered low.”
Number to know: 2%: The spread of the coronavirus is a drag on global growth, which includes the United States. Growth in the United States will likely drop in the first quarter by 0.1% to 0.3%. Under this scenario, growth could fall under 2% in the first quarter.
Our take: In the U.S., there is no need for a drastic change in behavior, but it’s important that individuals stay informed and prepared. Americans should follow the advice from the CDC, relevant state and local authorities, and health care professionals.
Overall, Americans should prepare, but feel confident as they continue to go about their daily lives, head to work, conduct meetings, or drop their children off at school. However, communities and individuals can and should take measures to reduce the spread of COVID-19. Currently, the CDC has advice on how families, schools, and businesses can plan for and respond to the virus. The CDC has also issued travel information for those going abroad. Everyone has a role to play in stopping the spread of COVID-19.
For the business community, the CDC has issued a guide for employers to respond to the virus. Recommendations include: actively encouraging sick employees to stay home, flexible policies that permit employees to stay home to care for a sick family member, and respiratory etiquette and hand hygiene.
It is also important that Americans not overreact in ways that hamper efforts to control the spread of the virus or cause unnecessary disruptions in daily life. The most important thing is to keep up to date with the latest developments on the virus from the CDC, and state and local authorities.
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