Signals have only increased indicating that the Wuhan coronavirus is an extraordinary global health crisis, one that will play out over the course of months, maybe years. From our initial comparison to SARS being published last week up until now, the case load in China has jumped from 4,473 to 17,302. Despite radical efforts by state and Party authorities to lock down tens of millions of people in Hubei province, the case graph remains vertical with no signs of leveling off. And the virus has made new inroads overseas, reaching India, Thailand, Japan, Russia, Australia, the United States, and Canada.
It appears as though the Wuhan coronavirus will not be disappearing anytime soon. And that’s very bad news for not only the Chinese economy, but the wider global economy as well.