Prolonged coronavirus outbreak could impact economy, says minister

CORONAVIRUS | Amid global concern over the novel coronavirus (2019-nCoV) outbreak, Economic Affairs Minister Mohamed Azmin Ali notes today that a prolonged situation could result in repercussions to the nation's economy.

However, Azmin (above) said he refuses to speculate further as the situation in Malaysia has yet to reach a level that will impact the economy.

"If this situation continues, similar to other outbreaks in the past, certainly it will impact the country's economy.

"But I don't want to speculate further as this is a serious matter that must be monitored by the relevant agencies and ministries," he said.

"We (the ministry) will take the information and advice from them on the next steps to be taken," Azmin told reporters after attending a strategic collaboration function between Petronas and Agrobank in KLCC today.

He said this when asked for comments on the coronavirus infection, which has so far recorded 4,500 cases and 106 deaths in China, to Malaysia's economy.

Read more: New coronavirus outbreak: Here’s what we know so far

Malaysia yesterday moved to restrict the entry of China nationals from Wuhan city and Hubei province, after four confirmed cases of coronavirus infection - all involving China nationals - as well as five suspected cases currently placed in isolation.

Meanwhile, Azmin also said there was no need at present to halt trade with China, particularly on import and export from Wuhan, although he was quick to add it was not a sign of the government taking the situation lightly.

On a global scale, Reuters reported today that Asian and European shares tumbled, with Japan's Nikkei average sliding two percent, its biggest one-day fall in five months.

European stocks also reportedly fell more than two percent.

China's yuan dipped to its weakest level in 2020 as investors fretted about damage to the world's second-biggest economy from travel bans and the Lunar New Year holiday.