The coronavirus has far-reaching impacts that extend beyond health, with a wide range of economic effects in sectors ranging from transportation to telecom and retail. We have the latest news on the economic impact of the coronavirus from airlines canceling flights to the delay of the rollout of next-generation 5G networks and merchants reopening stores in China.
Airlines throughout the globe, with the inclusion of three United States carriers that service China, have stopped service to the mainland as well as Hong Kong due to the coronavirus. And airlines have canceled over 200,000 flights as the virus keeps spreading. Air France-KLM stopped China flights and forecasts demand reductions related to the coronavirus to reduce results by up to $217 million, while Qantas warned investors that the virus could probably reduce its earnings in the second hand of the year by $99.5 million.