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Australia[edit]

Australia is expected to be one of three economies worst affected by the epidemic, along with Mainland China and Hong Kong.[1] BIS Oxford Economics told the Financial Times that there is a "very real risk that gross domestic product will contract".[2] Early estimations have GDP contracting by 0.2% to 0.5%[3][4] and more than 20,000 Australian jobs being lost.[5] The Australian Treasurer said that the country would no longer be able to promise a budget surplus due to the outbreak.[6] The outbreak is thought to have contributed to a fall in the value of the Australian dollar.[7]

Tourism bodies have suggested that the total economic cost to the sector, as of 11 February 2020, would be A$4.5bn. Tourism by Chinese makes up for around 15% of short-term tourist arrivals to Australia amounting to around 1.5 million visitors.[2] Casino earnings are expected to fall.[8] At least two localities in Australia, Cairns and the Gold Coast, have reported already lost earnings of more that $600 million.[9] A tourism operator says that "it is looking like one of the worst crisis situations we've encountered as an industry."[10] The Australian Tourism Industry Council (ATIC) called on the Government of Australia for financial support especially in light of the large number of small businesses affected.[11]

The mining industry is bracing for a "hard" impact.[4] The Chinese are responsible for around one-third of all exports from Australia including 80% of iron ore exports and 70% of global seaborne supply of steel.[12] 40% of Australia's LNG exports are to Mainland China.[4] The three large mining companies are thought to be highly exposed to the outbreak, according to Moody's, of which Fortescue Metals makes 93% of its sales there, BHP selling 55% and Rio Tinto at 45% to China.[8] The iron ore shipping gauge dropped 99.9%.[13] The virus has also made shipping and logistic operations of mining companies more complicated.[14]

The education sector is expected to suffer a US$5 billion loss according to an early government estimate.[15][16] The taxpayer is likely to be required to cover the shortfall in education budgets.[17] An estimated 100,000 students were not able to enroll at the start of the semester.[18] Nearly two-thirds of Chinese students were forced to quarantine themselves overseas due to visa restrictions on travellers from Mainland China.[19] Phil Honeywood, CEO of IEAA, said that costs inlude "policies for tuition fee refunds, free deferral of study, realignment of teaching calendars and student accommodation costs."[20] Students are angered by the response from universities claiming that "universities don't care about our affected career path, life, tenancy issues."[20] A professor from the University of Sydney explained that "it may take several years for Chinese student numbers to recover".[20]

Agriculture is also expected to be negatively affected and a number of producers have already seen price decreases,[21] including the normally struggling Australian dairy industry, which exports a significant amount of milk products to East Asia.[22] The fishing industry has been "devastated" by the turmoil with job losses and companies closing as well.[23] Queensland premier Annastacia Palaszczuk said "Farmers, fishers, [...] all told of lost business impacting now".[24] Australian wine, which accounts for 35% of all Chinese wine imports, is also expected to suffer from sales losses.[25] Lamb is expected to see large decreases in sales.[4] Rabobank, which specializes in agricultural banking, warned that the agricultural sector had eight weeks for the coronavirus to be contained before facing major losses.[26]

Asian Champions League matches and Olympic soccer matches that were expected to be held in Australia are being rescheduled.[27] A Chinese football team was quarantined to a hotel in Brisbane. They have since been released.[28]

The Australasian College for Emergency Medicine called for a calm and a fact-based response to the epidemic, asking people to avoid racism, "panic and division" and the spread of misinformation.[29] A large amount of protective face masks were purchased by foreign and domestic buyers, which has sparked a nationwide face masks shortage.[30] In response to price increases of nearly 2000%, the Pharmaceutical Society of Australia has called on these "unethical suppliers" to keep supplies affordable.[30]

Brazil[edit]

Two Brazilian banks predicted the deceleration of economic growth in China. UBS has reviewed its estimations from 6% to 5.4%, while Itaú stated a reduction to 5.8%.[31]

A representative of some of the bigger Brazilian companies of the electronics sector, Eletros, stated that the current stock for the supply of components is enough for around 10 to 15 days.[31]

The prices of soy-beans, oil and iron ore have been falling. These three goods represent 30%, 24% and 21% of the Brazilian exports to China, respectively.[31][32][33]

Europe[edit]

In France, five people, including one child, were diagnosed with the virus after coming into contact with a British man who came back from Singapore. The two schools that the child attends will be closed, and parents have been asked to monitor their children.[34]

The United Kingdom Department of Health and Social Care, has declared coronavirus as a "serious and imminent threat" to public health in the UK. As a result of the announcement the Secretary of State of the department, Matt Hancock gained additional powers including the ability to enforce quarantine orders. This followed reports of a person, who was evacuated from Wuhan and being held in quarantine in Liverpool, threatening to abscond from his quarantine.[35] A general practice in Brighton was temporarily closed after a medical worker was diagnosed with the virus.[36][37] Digger manufacturer JCB announced that it plans to reduce working hours and production due to shortages in their supply chain caused by the outbreak.[38]

In Spain, a large number of exhibitors (including Chinese firms Huawei and Vivo) announced plans to pull out of or reduce their presence at Mobile World Congress, a wireless industry trade show in Barcelona, Spain, due to concerns over coronavirus.[39][40][41] On 12 February 2020, GSMA CEO John Hoffman announced that the event had been cancelled, as the concerns had made it "impossible" to host.[42]

In Germany, according to the Deutsche Bank the outbreak of the novel coronavirus may contribute to a recession in Germany.[43]

Due to an increase in the demand for masks,[44] on 1 February most masks were sold out on Portuguese pharmacies.[45] On 4th of February, Marcelo Rebelo de Sousa, the President of the Portuguese Republic, admitted that the epidemic of the new coronavirus in China "affects the economic activity of a very powerful economy and thus affects the world's economic activity or could affect". He also admitted the possibility of economic upheavals due to the break in production."[46]

  1. ^ Cite error: The named reference :9 was invoked but never defined (see the help page).
  2. ^ a b "Subscribe to read | Financial Times". www.ft.com. Retrieved 2020-02-12. {{cite web}}: Cite uses generic title (help)
  3. ^ "Coronavirus: 3 potential economic and financial impacts in Australia". IG. Archived from the original on 4 February 2020. Retrieved 4 February 2020.
  4. ^ a b c d Doherty, Ben (2020-02-12). "Australian iron ore, gas and lamb exports to be hit hard as coronavirus crisis continues". The Guardian. ISSN 0261-3077. Retrieved 2020-02-12.
  5. ^ "Leading consultants suggest Coronavirus impact could deal significant blow to Australian economy – Australasian Leisure Management". ausleisure.com.au. Archived from the original on 2 February 2020. Retrieved 2 February 2020.
  6. ^ "Bloomberg Are you a robot?". Bloomberg L.P. Archived from the original on 2 February 2020. Retrieved 2 February 2020. {{cite web}}: Cite uses generic title (help)
  7. ^ Everett, Gwen (25 January 2020). "How bushfires and Wuhan virus fear have converged to drag down Australia's currency". Business Insider Australia. Archived from the original on 26 January 2020. Retrieved 2 February 2020.
  8. ^ a b Butler, Ben (2020-02-05). "Coronavirus threatens Australian economy reeling from drought and fires". The Guardian. ISSN 0261-3077. Retrieved 2020-02-12.
  9. ^ Taylor, Josh (2020-02-11). "'Completely dropped off': Australia's tourism industry braces for coronavirus crisis". The Guardian. ISSN 0261-3077. Retrieved 2020-02-12.
  10. ^ "Australia's Local Tourism Businesses Say Coronavirus May Be Worst Crisis They Have Faced". Skift. 2020-02-11. Retrieved 2020-02-12.
  11. ^ "ATIC calls for government support to counter coronavirus impact on tourism industry - Australasian Leisure Management". www.ausleisure.com.au. Retrieved 2020-02-14.
  12. ^ "Coronavirus outbreak hits mining shares after ...". Financial Times. Archived from the original on 5 February 2020. Retrieved 5 February 2020.
  13. ^ "Coronavirus drops iron ore shipping gauge 99.9%". MINING.COM. 31 January 2020. Archived from the original on 5 February 2020. Retrieved 5 February 2020.
  14. ^ "Coronavirus to complicate Australian shipping". argusmedia.com. 4 February 2020. Archived from the original on 5 February 2020. Retrieved 5 February 2020.
  15. ^ "Australian universities brace for financial fallout from coronavirus". MSN. Archived from the original on 5 February 2020. Retrieved 5 February 2020.
  16. ^ "'We're like cash cows': Chinese students angry after Australia travel ban". South China Morning Post. 4 February 2020. Archived from the original on 5 February 2020. Retrieved 5 February 2020.
  17. ^ Babones, Salvatore (30 January 2020). "Our China-dependent universities cannot escape the financial shock of coronavirus". The Sydney Morning Herald. Archived from the original on 5 February 2020. Retrieved 5 February 2020.
  18. ^ Clarke, foreign affairs reporter Melissa (4 February 2020). "Coronavirus travel ban locks out Chinese students, leaving Australian universities in chaos". ABC News. Archived from the original on 5 February 2020. Retrieved 5 February 2020.
  19. ^ "Two-thirds of Australia's Chinese students 'stuck at home'". Times Higher Education (THE). 4 February 2020. Archived from the original on 5 February 2020. Retrieved 5 February 2020.
  20. ^ a b c "Coronavirus Crisis Could Hurt Australian Economy In Multiple Ways". International Business Times. 2020-02-06. Retrieved 2020-02-12.
  21. ^ Hecht, Andrew (2020-02-10). "Agricultural Commodities Moving Into The February WASDE Report". Seeking Alpha. Retrieved 2020-02-10.
  22. ^ [email protected] @JamieGrayNZ, Jamie Gray Business reporter, NZ Herald (2020-02-04). "Global dairy prices feel the coronavirus bite". NZ Herald. ISSN 1170-0777. Retrieved 2020-02-10. {{cite news}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  23. ^ Pollard, Emma; McKenna, Kate (2020-02-04). "Coronavirus devastates Australian export businesses". ABC News. Retrieved 2020-02-10.
  24. ^ Remeikis, Amy; Taylor, Josh (2020-02-07). "Frydenberg's response to coronavirus 'not good enough', Queensland treasurer says". The Guardian. ISSN 0261-3077. Retrieved 2020-02-10.
  25. ^ "Wine sales to China up 12pc but coronavirus hit looms". Australian Financial Review. 2020-02-04. Retrieved 2020-02-10.
  26. ^ "Australian farmers have small window before coronavirus impact: expert". ABC Radio. 2020-02-13. Retrieved 2020-02-14.
  27. ^ hermes (3 February 2020). "Sports world: Australia want ACL games rescheduled". The Straits Times. Archived from the original on 4 February 2020. Retrieved 4 February 2020.
  28. ^ "Quarantined Chinese footballers forced to train in Brisbane hotel corridor". The Guardian. Australian Associated Press. 4 February 2020. ISSN 0261-3077. Archived from the original on 4 February 2020. Retrieved 4 February 2020.
  29. ^ "Australian doctors warn of rise in racist abuse over coronavirus". www.msn.com. Retrieved 2020-02-13.
  30. ^ a b "Pharmacies caught price gouging, capitalising on coronavirus panic". 9 Now. 2020-02-06. Retrieved 2020-02-11.
  31. ^ a b c Veras Mota, Camilla (12 February 2020). "Da indústria de celulares à soja, os impactos do coronavírus na economia brasileira" (in European Portuguese). São Paulo: BBC News Brasil. Retrieved 12 February 2020.
  32. ^ "Vendas paradas e preços em queda - Economia". Estadão (in Brazilian Portuguese). Retrieved 2020-02-12.
  33. ^ "Soja, petróleo e ferro: coronavírus derruba valor de commodities do Brasil". EXAME (in Brazilian Portuguese). Retrieved 2020-02-12.
  34. ^ "Five Britons in French chalet catch coronavirus". BBC News. 8 February 2020. Archived from the original on 9 February 2020. Retrieved 9 February 2020.
  35. ^ "Coronavirus threat level raised after person under quarantine 'threatens to abscond'". Sky News. 2020-02-10. Retrieved 2020-02-12.
  36. ^ "Four more people diagnosed with coronavirus in UK". BBC News. 2020-02-10. Retrieved 2020-02-10.
  37. ^ "Coronavirus closes Brighton GP practice". BBC News. 2020-02-10. Retrieved 2020-02-10.
  38. ^ "JCB cuts production because of coronavirus". BBC News. 2020-02-13. Retrieved 2020-02-13.
  39. ^ "MWC hangs by a thread after Nokia, DT and other big names back out". TechCrunch. Retrieved 2020-02-12.
  40. ^ Kleinman, Zoe (2020-02-11). "Coronavirus: Facebook and Intel ditch MWC tech show". BBC News. Retrieved 2020-02-12.
  41. ^ Tibken, Shara. "Samsung pares back MWC presence on coronavirus concerns". CNET. Retrieved 2020-02-12.
  42. ^ Warren, Tom (2020-02-12). "The world's biggest phone show has been canceled due to coronavirus concerns". The Verge. Retrieved 2020-02-12.
  43. ^ LUSA (12 February 2020). "Deutsche Bank diz que coronavírus pode contribuir para recessão na Alemanha: "É um risco para a recuperação global"". Expresso (in European Portuguese). Expresso. Retrieved 12 February 2020.
  44. ^ "Corrida às máscaras em Portugal por causa do coronavírus". TSF Rádio Notícias (in Portuguese). 2020-01-28. Retrieved 2020-02-12.
  45. ^ "Máscaras esgotam nas farmácias, das mais simples às mais elaboradas - DN". www.dn.pt (in Portuguese). Retrieved 2020-02-12.
  46. ^ "Coronavírus: Marcelo admite efeitos na economia global". Dinheiro Vivo (in European Portuguese). Dinheiro Vivo. 4 February 2020. Retrieved 12 February 2020.
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