Moody’s Analytics Chief Economist Mark Zandi warned in a report the COVID-19 pandemic has created a “worldwide economic tsunami” and warned of “more financial pain” to come. He concluded that governments’ responses to the outbreak will dictate the extent of the damage.
Meanwhile, Macau and Hong Kong implemented strict new measures to curb, the UK government orders citizens to stay at home and a funding packages fails to get enough votes in the U.S.
As of March 23, the number of confirmed cases globally stood at 334,981 with 14,652 deaths, according to the World Health Organisation.
- Hong Kong. Hong Kong banned all non-resident arrivals and announced plans to ban alcohol sales at bars and restaurants to prevent the spread of COVID 19. Hong Kong, which appeared to have the outbreak under control, has seen a spike in cases in recent days, most of them imported.
- Macau. Macau closed its borders to visitors from the Greater China area who have travelled abroad 14 days prior to arriving in the Special Administrative Region, starting Wednesday.
- United Kingdom. “You must stay at home” was the message from Prime Minister Boris Johnson, as the government banned gatherings of more than two people and put a halt to social events.
- United States. A massive $1-trillion funding package to combat COVID-19 in the United States failed to get enough votes during a second vote on Monday.
