White House Economic Adviser says coronavirus outbreak could impact US GDP

The spread of the new coronavirus in China may harm the American economy in the first quarter of this year, Report says citing the TASS, National Economic Council director of White House Larry Kudlow told Fox News.

“We’re thinking maybe in the first quarter we lose ... two or three-tenths of one percent of GDP”.

Earlier, he said that the spread of the new coronavirus in China would not cause significant economic damage to the United States.

The major Chinese city of Wuhan experienced a new type of coronavirus outbreak in late December 2019. The World Health Organization said the coronavirus outbreak is not a pandemic, but an epidemic with multiple foci. Cases of the coronavirus were reported in 25 countries outside of China.

According to the latest data, the virus has killed 1 523 people in China and infected more than 66.4 thousand, while more than 8 thousand have recovered.