The CoronaVirus has a firm grip on the region of East Asia. Through quick and thorough response it has been contained primarily to China. China has quarantined entire cities, built containment facilities in record time, and filled up hospitals with those infected. Despite this, much of the hype around the disease has slowed down. Some research institutions have still not changed their forecasts of 43 million dead. In prior weeks some skeptical experts expected the virus to be contained nearly immediately and not surpass that of the SARS outbreak in 2003. Well that threshold has been broken. With well over 60,000 infected and over 1,300 dead, the CoronaVirus, now formally known as 2019-nCov, has become the most deadly and widespread disease in the past 20 years.
Though the broader market has recovered from the CoronaVirus hit earlier this month, and remains largely unfazed, East Asian economies are taking a hit. Major industries have been hit such as the 46 billion dollar cruise industry. Many cruise companies have seen Asia as a potential place for the growth of tourism. However, earlier this month Royal Carribean cruises was forced to cancel 18 cruises due to the continuation of the CoronaVirus. The continued infection has been such a significant issue that today, February 14, China’s government has put a self quarantine on its own capital city of Beijing, preventing people from returning to the city for 14 days in an effort to contain the virus. With 500 million people already impacted by movement and travel restrictions, President Xi Jin Ping has warned that further action could have a detrimental impact on their economy.
Overall, the future is uncertain for China. Not in an ominous “they might be wiped off the face of the earth way,” but if they cannot vaccinate or fully contain the virus soon the impact on their global power could be greatly effected. A country cannot be seen as powerful as others on the global scene when it struggles to maintain the safety and functionality of its people and economy. There is no telling how much further the infection will spread and how high the death toll will rise. The spread could trail off in a week or it could be a few months and only be stopped by widespread vaccination. All in all, it is a difficult time for the East Asian region, especially China, at the moment.