Coronavirus Outbreak Weakens Italy's Economy, Tourism Drops As Total Cases Surpass 3,000

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Italy has emerged as the focal point for the coronavirus outbreak in Europe and this has greatly impacted it's already weakened economy due to virus fears.

Written By Shubham Bose | Mumbai | Updated On:
Coronavirus: Italy's economy further weakened by virus outbreak

Italy has emerged as the focal point for the coronavirus outbreak in Europe. As per reports, Italy is the region's weakest economy, and things have not been made better with the recent viral outbreak. Due to fears of the rapidly spreading coronavirus, tourists have stopped visiting its cultural treasures or buying its prized artisanal products, from fashion to food to design. 

Fear of virus preventing travel

According to reports, Italy might be Europe's third-largest economy but it has long been amongst the slowest growing in the region. Italy has amassed the largest number of virus infection outside Asia. All towns in the country's north have been quarantined, the north of the country is the heart of Italy's manufacturing and financial industries. 

Airlines have also cut back on flights going to Italy, meaning millions of fewer tourists and traveller that can result in a loss for hotels, restaurants, tourist sites and many others amounting in billions, as per reports. The turmoil threatens to send Italy back into a recession and weigh heavily on the entirety of Europe as even trade-focused countries like Germany, France and Britain battling a global disruption in the supply chain.

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Read: Inter Milan Donate €100,000 For Coronavirus Research As Italy Reels Under Fear

Reports indicate that tourism officials expect 32 million fewer foreign visitors and a loss of 7.4 billion euros ($8.1 billion). Many in the tourism industry are blaming the virus coverage by the media. People like Luca Patane, the president of tourism association Confturismo-Confcommercio believe that media coverage of the virus has been much more lethal than the virus itself.

The deadly coronavirus that began in China's Wuhan province has been officially named COVID-19 by the World Health Organisation. While the majority of reported cases are still present in mainland China, the virus has spread to multiple countries around the world and infected 103,817 people worldwide. The death toll from the virus stands at 3,522 world wide.

Read: Coronavirus: Indonesia Bans Entry Of Foreign Visitors From Iran, Italy And South Korea

Read: Coronavirus In Italy: England's Six Nations Championship Game Against Italy Postponed

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