The COVID-19 outbreak has widened considerably since the last update, and is now official a pandemic in the eyes of the World Health Organization. According to data compiled by John Hopkins University, countries with the largest outbreaks are as follows: China (80,967 cases), Italy (10,149), Iran (9,000), South Korea (7,755), Spain (2,026), France (1,784), and Germany (1,622). China, where the COVID-19 outbreak originated, has seen a steep drop in new cases, prompting President Xi Jinping to visit Wuhan and declare victory in the fight against the virus. According to the same data set, the United States has 1,039 cases; however, testing problems are fueling concerns that the real number could be significantly higher.

COVID-19 is having a detrimental impact on economic activity the world over, ranging from cancelled overseas trips to total in-house lockdowns, and these demand-side effects will only worsen in the short-term. Here are some of the significant economic developments from the past week: