ISA Coronavirus Update (23rd of April)
Daily Summary
The number of new coronavirus (Covid-19) cases discovered on a daily basis around the world has remained remarkably consistent in recent weeks at around 80,000 new diagnosed cases per day. The total known cases of the coronavirus worldwide now stands at more than 2.6 million, with more than 184,000 deaths attributed to the virus.
According to a recent study from Hong Kong, the actual number of cases of the coronavirus in mainland China during the first wave of the outbreak may have been as high as 232,000, four times the official number.
Meanwhile, for the eighth consecutive day, China recorded no official deaths related to the coronavirus outbreak. Many organizations have accused China of dramatically under-reporting its number of fatalities during this crisis.
South Korea has been the only larger country to hold national elections during the pandemic thus far (France tried, but stopped their local elections halfway through). However, there are many important national elections scheduled for later this year, beginning with next month’s presidential election in Poland and culminating in November’s presidential election in the United States, that are certain to be impacted by the coronavirus crisis.
Key Developments
Defending the WHO: After United States President Donald Trump announced that the US would suspend its funding for the World Health Organization (WHO), a number of countries, led by China, have announced plans to increase their funding for that organization.
South Korea’s Economy Beats Expectations: South Korea’s economy expanded by 1.3% (Y-Y) in the first quarter of this year, beating forecasts. While the full impact of the coronavirus crisis in South Korea was only felt in the latter part of the first quarter, the economy there was expected to suffer larger losses.
Trend to Watch
Australia is leading global calls for wet wildlife markets to be banned due to their role in starting the coronavirus pandemic. While China has banned some forms of these markets in the wake of this crisis, many can still be found across parts of Asia.
The Coming Days
Southern states in the United States, especially those with Republican governors, are leading the movement to relax social distancing measures in the US. This has raised fears that new surges in the number of coronavirus cases could occur in the US.