Coronavirus live updates: IMF likely to downgrade global growth, FDA sees first drug shortage

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All times below are in Eastern time.

  • Total confirmed cases: More than 83,700
  • Total deaths: At least 2,859

National Economic Council Director Larry Kudlow on Friday urged calm as global fears about the deadly coronavirus sent stocks plummeting once again. President Donald Trump’s top economic advisor said in a Fox Business interview that investors shouldn’t “rule out more optimistic options.” There’s no guarantee cases of the disease will “skyrocket” in the U.S., Kudlow said. —Breuninger

Wharton School professor Jeremy Siegel said the coronavirus outbreak would cause a one-year hit that could drag down earnings by as much as 30%, but that markets should rebound next year. Siegel, speaking on CNBC’s “Squawk on the Street” as the stock market extended its dramatic sell-off, said the odds are “overwhelmingly yes” that the economy and stocks will bounce back in the next couple of years, despite the outbreak. “I see this as a very severe one-year shock, and then a bounce back that could be extremely rigorous,” Siegel said. —Pound

The fast-spreading coronavirus will clearly have an impact on global economic growth and the International Monetary Fund is likely to downgrade its growth forecast as result, a spokesman for the International Monetary Fund said on Thursday. “Clearly the virus is going to have an impact on growth,” IMF spokesman Gerry Rice told a regular briefing. He gave no specific details. Rice said he expected a decision soon on the impact of the coronavirus for the IMF and World Bank spring meetings in April, noting that a range of options were under consideration. Reuters reported Wednesday that officials were considering scaling back the meetings or holding them by teleconference. —Reuters

The Food and Drug Administration said the pharmaceutical industry reported the first shortage of a drug due to the coronavirus outbreak that has spread to 44 countries in a matter of weeks. The FDA, which declined to identify the drug, said the shortage is related to a manufacturing site impacted by the outbreak in China. “The shortage is due to an issue with manufacturing of an active pharmaceutical ingredient used in the drug,” the agency said in its notice dated Feb. 27. “It is important to note that there are other alternatives that can be used by patients. We are working with the manufacturer as well as other manufacturers to mitigate the shortage.” —Lovelace

Source: https://www.cnbc.com/2020/02/28/coronavirus-latest-updates-outbreak.html

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