YEARS back in China, the severe acute respiratory syndrome first infected humans in Guangdong province, in November 2002. The outbreak was brought to an end the following July, with approximately 774 deaths in nine months. It was estimated to cost the global economy more than US$30 billion . Meanwhile, the 2019 novel coronavirus that first surfaced in December 2019 in Wuhan, Hubei province, China has killed more than 1,100 people as of this morning.
The novel coronavirus is more contagious than SARS. There were 8,096 cases reported for SARS and 44,200 cases reported for novel coronavirus as of today. It affects human movement across the borders. As the number of cases and the death toll from the novel coronavirus mount, the economic impact is also starting to become more apparent. The most obvious is the effect on the hospitality industry in Southeast Asian countries.
As the oil stockpiles are not drying up, but the oil price drop to US$49.55 per barrel as of February 10, 2020, from its peak US$63.27 per barrel at January 6, 2020. The 21.68% drop in oil price within five weeks. The economy is a networked system that facing many pressures. Similar to the hospitality industry, the heat from the novel coronavirus will burden the oil and gas industry as a leading contributor to Sabah exports in 2018. The Sabah exports represented by 52.7% equivalent to RM56.
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