SINGAPORE (Mar 6): The Covid-19 outbreak has turned out to be far worse than we thought only a month ago. It has spread further and is now a global crisis — not just a mainly Chinese one. With the virus causing dislocations in major economic centres such as South Korea, northern Italy and now the US, Asian economies will suffer from a broader drop in overall global demand. This will be more damaging than the initial hit, which was mainly caused by a weaker Chinese economy.

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