China coronavirus outbreak means the world is once again gripped by the six-year pandemic panic syndrome
- Every six years, the outbreak of a disease sends the world into a frenzy. But we face much greater daily risks from seasonal flu, being hit by a bus, or being murdered – and the greatest pandemic cost will be economic
I know I should not make light of something as awful as a global pandemic – especially since I only recently stumbled upon, and disposed of, the large stock of Tamiflu pills that I panic-bought in 2003. But it really does take a good pandemic panic to remind us of how badly we judge the life-threatening risks around us.
The new can be dangerous and it is rash to be dismissive of the outbreak too early. We have not even reached the point at which the coronavirus has been given a decent name – 2019-nCoV must surely soon be replaced by something with a ring to it. What about Wuhan Wild Animal Market Syndrome (WWAMS)?
Already, there is both bad and good news. The bad news is that almost certainly in the next 20 years or so, we are likely to be affected by a pandemic that does serious harm to many of us around the world. A true global pandemic is likely to kill millions – maybe hundreds of millions.
For example, the Black Death that raged across Europe between 1346 and 1353 killed an estimated 75 to 200 million people. The good news is that the Wuhan outbreak is probably not “the one”.
We still have much to learn about the latest disease. It is a coronavirus, like Mers and Sars, but we don’t yet know where it came from. Mers seems to have started life in bats and migrated to camels many generations ago. It was first discovered in a human being in 2012 in Saudi Arabia before it went on to generate about 1,200 cases, causing at least 444 deaths.
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When I look back at Sars, I recall that the outbreak inflicted much economic misery: passenger numbers through Hong Kong airport fell by more than 17 per cent. As retail business tumbled, shops offered steep price cuts. It is estimated that during the five months of Sars, US$40 billion was lost worldwide as flights were cancelled, schools shut, people stayed home and panic gripped financial markets.
A World Bank study published at the end of 2008 predicted that a mild pandemic would strip around US$330 billion from the world economy, with a more severe development costing US$3 trillion, cutting global gross domestic product by 5 per cent.
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What we need is not panicked responses to a passing flu that will disappear unnoticed into this year’s mortality data, but practical measures to nurse our economies and businesses through the upheavals the pandemic generates.
So we should remember as we don face masks that we face much greater daily risks from seasonal flu, being hit by a bus, or being murdered – and the greatest pandemic cost will be economic, due to our irrational six-year pandemic panic syndrome.
David Dodwell researches and writes about global, regional and Hong Kong challenges from a Hong Kong point of view