The coronavirus is not to be taken lightly. As of mid-February, the number of cases worldwide had risen to more than 64,000 globally, 63,000 of which were in China, with the death toll at almost 1,400 and climbing.
Most U.S. factories in China’s manufacturing hub around Shanghai will be back at work this week, but the “severe” shortage of workers due to the coronavirus will hit production and global supply chains.
This latest disaster in China is a major blow to the international supply chain. Businesses should brace for a sharp descent into unknown territory and, most likely, a recession.
Like their counterparts in Silicon Valley, China’s largest tech companies struggled to prove online groceries can be a viable business. Then the novel coronavirus struck.
Less than a month into the health crisis that began in China, supply chain disruptions are showing up around the world, from automakers to mobile-phone producers to energy companies.
The world’s top steelmaker is wrestling with the effects of the deadly, rapidly spreading virus that’s seen impacting labor, logistics and demand across China.
As the death toll from the pneumonia-like illness rises and cases are found in more Asian countries, as well as in the U.S., the economic impact of the novel coronavirous could be widespread.