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How coronavirus will affect us all

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'When a globally plugged-in economy like China sneezes the world catches cold, and Ireland will not be immune' (stock image)

'When a globally plugged-in economy like China sneezes the world catches cold, and Ireland will not be immune' (stock image)

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'When a globally plugged-in economy like China sneezes the world catches cold, and Ireland will not be immune' (stock image)

While the spread of the coronavirus Covid-19 from China to Europe and throughout many parts of the world poses significant risk for human health in the first instance, it has also destabilised the global economy which has gone into slowdown and could quite easily topple into recession as a result.

Such a development would have very real consequences for the Irish economy. This is not a fanciful notion. Last week the major stock markets worldwide from the US to Japan, including in Europe, registered double-digit losses.

It is evident that the world health authorities have yet to fully get to grips with the spread of the virus, which incubates for 14 days before it becomes evident.