Citi says fear of coronavirus in South Korea spreading 'at a much faster rate' than the virus itself
The total number of cases rose to 763 on Monday morning, compared to the 31 reported as of Feb. 18, according to the Korea Centers for Disease Control and Prevention.Economic difficulty is imminent, Citi economists wrote in a Monday morning note.
"Fear of the virus is spreading throughout the country, at a much faster rate than the virus itself," Marie Kim and Jeeho Yoon from Citi wrote. "We expect the economic fallout to not be limited to certain regions cities." Most of the new cases were detected in the city of Daegu and the surrounding Gyeongbuk area. The country's death toll rose to seven on Monday morning.
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