China's economy accounted for roughly 4% of world GDP in 2003; it now makes up 16% of global output. "They first paralyze the region of the virus outbreak," he said. Meanwhile, debt levels have soared in the United States, Japan and key European countries including Italy, limiting the scope for a big fiscal stimulus if the world economy goes into another tailspin. This is especially true because, according to the World Bank, preparedness for a potential pandemic is low. "But the optimist in me would like to think that in the face of a global pandemic, global institutions are still in a position to respond."

Source: CNN February 08, 2020 05:15 UTC