The rapid spread of Corona outside China increases global economic concerns

The main indicators on Wall Street went down to a correction area minutes after the opening today, Thursday, while the rapid spread of Corona virus outside China is fueling concerns about growth and corporate profits.

 According to Reuters news agency, the Dow Jones Industrial Average fell 431.59 points, or 1.60 percent to 26526 points, and the Standard & Poor's 500 Index opened 53.85 points, or 1.73 percent to 3062.54 points. The Nasdaq Composite fell 236.74 points, or 2.64 percent, to 8,744.03 points.

The three indicators are now down more than ten percent below the record high reached during the session earlier this month.

In Washington, sources said, "The increasing concerns within the International Monetary Fund and the World Bank about the spread of the new Corona virus led them to consider reducing the spring meetings scheduled for next April. About 10,000 government officials, journalists and men are scheduled to participate." Business and civil society representatives from around the world in the meetings of the two institutions that take place between 17 and 19 April and are held in a crowded area in downtown Washington, DC, where their headquarters are.

Financial markets have fallen sharply in recent days due to news of the rapid spread of the virus in Europe, while the IMF warned in recent days of more economic damage due to the spread of the Corona virus outside China, and lowered its forecast for global growth in 2020.

The spread of the virus raises fears within the International Monetary Fund and the World Bank that the mixing of delegations of the 189 member states during the Spring Meetings may contribute to the problem in an unavoidable manner.

Officials from the two institutions and members of governments said that talk of canceling the entire meetings is premature, but that they are considering several options to amend them. They added that no decision had been taken yet, noting that this would depend heavily on efforts to contain the virus in the coming days and weeks.