DECATUR, Ill. (WAND) - U.S. and international health officials are racing to create a vaccine for the coronavirus, but it's spreading faster than the SARS epidemic in 2003.
Reports show there are more than 34,000 confirmed cases in China. The number of reported cases in the U.S. is minuscule in comparison at 12.
The virus is predicted to slow down U.S. economic growth during the first three months of 2020. Dr. Najiba Benabess, who runs the Tabor School of Business at Millikin University, said it depends on how fast the virus is contained.
"Anytime you stop the movement of people, of goods and services, it will definitely slow down the economy," Benabess said.
China is viewed as the second-largest economy in the world, and the Dean said the country commands about 16.3% of the world's gross domestic product, or GDP.
"Their [China's] slowdown will definitely impact the world in general," Benabess added.
It is an impact Illinois can feel. The Office of the U.S. Trade Representative has a 2018 report showing Illinois exported 14.9 billion dollars worth of goods to Asia. In 2017, the top exports were soybeans and corn.
"If again, we are stopping people from moving to places and moving goods and services, I'm positive it is going to impact some of the companies located here in central Illinois," Benabess said.
While a vaccine usually takes a year to make, the dean believes the long-term impact on the economy will be determined by how fearful people are of the virus.
