Coronavirus could wipe off $211b from Asia-Pacific economies: S&P

People walk on the street in Macau wearing face masks to protect them to be infected with coronavirus. Source: Macau Photo Agency/Unsplash

A fast spreading coronavirus outbreak could knock $211 billion off the combined economies of the Asia-Pacific, with Japan, Hong Kong, Singapore and Australia among the most exposed, S&P Global Ratings said on Friday.

S&P cut its 2020 growth forecast for China to 4.8% from previous estimate of 5.7%. It forecast Australian growth to slow sharply to 1.2% from an already below-trend 2.2% in 2019.

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