More than 2,200 people, the vast majority in China, have been killed since the outbreak began. A number of major Chinese cities were put into shutdown and hundreds of millions of Chinese citizens subject to controls in a bid to contain the outbreak.
Dr Gerald Lyons, Chief Economist at Natwealth, warned coronavirus is having a dramatic impact on the global economy.
Speaking on BBC Newsnight he commented: “The world economy is slowing.
“At the beginning of the year, China and the rest of Asia looked likely to account for two-thirds of global growth this year.
“Now China is at a standstill and because of supply chains the rest of Asia including Japan have slowed sharply.
“Now China is at a standstill" (Image: GETTY/BBC Newsnight)
Dr Gerald Lyons warned coronavirus is having a dramatic impact on the global economy (Image: GETTY )
“That inevitably means the world economy is already slowing and depending on how long that lasts it will slow further.”
Separately South Korea has declared an ‘emergency’ as 100 new cases have been confirmed in the country.
It came after the second death from the virus in South Korea was confirmed, in the southeast of the country.
Many cases have been linked to the Shincheonji Church, which critics have labelled a cult.
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South Korea has declared an ‘emergency’ over Coronavirus (Image: GETTY)
The controversial church has shut all 74 of its venues in