Phoenix Chamber of Commerce officials say local businesses are starting to feel impact from COVID-19 coronavirus
An illustration, created at the Centers for Disease Control and Prevention (CDC) of what a coronavirus looks like (Photo Courtesy: Centers for Disease Control and Prevention)
PHOENIX - The world is now starting to feel the financial and economic impacts from the COVID-19 coronavirus outbreak.
On Monday, the Dow sank more than 1,000 points amidst fears over the virus’ damage to the economy, wiped out gains made by the index so far in 2020.
Meanwhile, new cases of infection have been reported in Europe and the Middle East, according to the Associated Press.
“Showing that this is a highly contagious virus that is spreading, despite the efforts of top health systems to contain it,” said FOX News Contributor Marc Siegel.
Supply chains with links to China could be disrupted if production stops for any length of time. Now, there are concerns the disruption could cause shortages on all kinds of goods, from electronics to medical supplies.
LIVE: Interactive Coronavirus case data and map
Mike Huckins with the Greater Phoenix Chamber of Commerce says things aren’t at crisis level in Arizona yet, but economic concerns are growing daily.
“One is a local small business, a furniture store. They're having trouble restocking their shelves. Their floor displays goods from China, and also a big tech company. Obviously, a supply chain has been greatly affected.”
Huckins says in Arizona, tourism, manufacturing and technology are being hit the hardest, and the months ahead may be a bit rough because of the economic slowdown.
Coronavirus in Arizona: Latest case numbers
"Arizona's economy is not going to crash from this,” said Huckins. “We may see a little softening, but we are well positioned to weather the storm on this.”
During the SARS outbreak in the early 2000s, Huckins said the economic impact lasted for a few months, but things could be different this time if the COVID-19 coronavirus outbreak drags on for a long time.
Get the latest coronavirus news by downloading the FOX 10 News App. Our promise is that our alerts are there to inform you - not scare you.
Continuing Coverage
On CoronavirusNOW.com, you'll find extensive coverage about COVID-19, including breaking news from around the country, exclusive interviews with health officials, and informative content from a variety of public health resources.
In order to protect yourself from a possible infection, the CDC recommends:
Avoid close contact with people who are sick.
Avoid touching your eyes, nose, and mouth.
Stay home when you are sick.
Cover your cough or sneeze with a tissue, then throw the tissue in the trash.
Clean and disinfect frequently touched objects and surfaces using a regular household cleaning spray or wipe.
Wash your hands often with soap and water for at least 20 seconds, especially after going to the bathroom; before eating; and after blowing your nose, coughing, or sneezing.