Airlines and the global economy are bracing for another jolt after the World Health Organization officially declared COVID-19 a pandemic.
The WHO made the declaration after revealing the number of cases out of China had increased 13 fold in the past two weeks as the number of affected countries tripled.
The declaration has rattled already nervous markets and is likely to make travelers even more fearful.
Stocks fell sharply on Wall Street after the announcement, bringing the Dow Jones into bear market territory.
Airlines have been particularly hard hit by COVID-19 with huge capacity cuts at the worst affected.
Cathay Pacific on Wednesday revealed it was cutting capacity by 65 percent and Korean Air’s CEO earlier this week warned its survival is in question after it was forced to cut flying by 80 percent.
- President Donald Trump announces a ban on travelers to the United States from Europe for the next 30 days.
- Trump says he will instruct the Small Business Administration to “provide capital and liquidity” to small businesses.
- He will also ask Congress for legislative action to provide payroll tax relief, as well as other measures.