Outbreak starts to look more like worldwide economic crisis

Outbreak starts to look more like worldwide economic crisis, by Adam Geller.

The coronavirus outbreak began to look more like a worldwide economic crisis Friday as anxiety about the infection emptied shops and amusement parks, canceled events, cut trade and travel and dragged already slumping financial markets even lower.

More employers told their workers to stay home, and officials locked down neighborhoods and closed schools. The wide-ranging efforts to halt the spread of the illness threatened jobs, paychecks and profits. …

The list of countries touched by the illness climbed to nearly 60 as Mexico, Belarus, Lithuania, New Zealand, Nigeria, Azerbaijan, Iceland and the Netherlands reported their first cases. …

Stock markets around the world plunged again Friday. On Wall Street, the Dow Jones index took yet another hit, closing down nearly 360 points. The index has dropped more than 14% from a recent high, making this the market’s worst week since 2008, during the global financial crisis.