Coronavirus Closes China to the World, Straining Global Economy
China, a vital economic center, is currently facing a national epidemic as the coronavirus has infected thousands of Chinese citizens and killed hundreds. As the situation worsens, the rest of the globe is experiencing a ripple effect as a result of China’s struggling economy. The virus has now infected more than 14,500 people and has disrupted worldwide trade and supply chains, forced asset prices to decline, and impacted multinational businesses.
The US and other governments in Europe and Asia have enforced regulations blocking visitors from China, particularly those who have visited the city of Wuhan recently or are from the Hubei province. Major airlines have suspended flights to the country, and companies have rushed to pull out expatriated executives. Apple, who employs 10,000 people in China, announced that it will close all of its stores and corporate offices through February 9, and other companies are expected to follow suit.