With over 242,000 infections and nearly 10,000 deaths, the epidemic has stunned the world and drawn comparisons with painful periods such as World War Two, the 2008 financial crisis and the 1918 Spanish flu.

“There is high uncertainty around the fatality of the disease; however, it is estimated that COVID-19 has a higher case fatality rate (CFR) compared to seasonal flu (~0.1%) and a lower CFR compared to the 2003 SARS outbreak (~5.0%-10.0%). The current estimation for the average CFR ranges between 0.5% and 4%. According to the CCDC, among more than 72,000 patient records, with 86% of cases between 30 and 79 years old, current estimation for CFR ranges between 0.5% and 4%. CFR is estimated to be more than 5% for individuals with pre-existing conditions such as cardiovascular disease, diabetes, chronic respiratory conditions, hypertension, and cancer, and more than 8% for people older than 70 years old.”

“This pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels,” ADB President Masatsugu Asakawa said.

“With our developing member countries, we are formulating an aggressive set of actions to combat the pandemic; to protect the poor, the vulnerable, and wider populations across the region; and to ensure economies will rebound as swiftly as possible.”

“We have never lived through anything like this,” Spain’s Prime Minister Pedro Sanchez told a parliament chamber nearly empty with more than 90% of lawmakers staying away and a masked and gloved cleaner wiping handrails between speeches.

There was particular alarm in Italy, which has experienced an unusually high death rate – 2,503 from 31,506 cases – and was calling on student and retired doctors to help an overwhelmed health service.

Nearly every stock market in Asia was down and circuit breakers were hit in Seoul, Jakarta and Manila. Traders reported huge strains in bond markets as distressed funds sold any liquid asset to cover losses in stocks and redemptions from investors.