By John Smith • 28 February 2020 • 12:58
ALTHOUGH there was a slowdown in growth of countries in the Eurozone, there is no doubt that the panic over the Coronavirus is going to hit the economies of Europe even harder.
To some extent there is an element of panic as the projected deaths from this virus are around 1 per cent more than for normal flu but it does appear that the main difference is that fatalities occur at any age whilst flu tends particularly to afflict the very young and old.
The first obvious losers in this current situation are the airlines with fewer people wanting to travel and some airline staff reluctant to be aboard flights travelling to and from infected areas.
Exhibitions which attract international visitors are another problematic area as was seen with the cancellation of the massive Mobile Phone show in Madrid and there is even talk now of cancelling the Tokyo Olympic Games which would be the first time ever except when there was a war.
Stock markets are taking a plunge but some canny investors are buying whilst shares are low in the expectation that this medical problem will be resolved and then markets will recover quite quickly.
Other business groups suffering are those who import components from the Far East and China in particular as if their suppliers are not running at normal capacity then they will be unable to manufacture mobile phones or computers.
Those making surgical masks however are seeing their sales leap.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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