Amid the unprecedented outbreak of deadly coronavirus, American businessman and billionaire, Warren Buffett called it “scary stuff” on Tuesday, February 25. While appearing in an interview with an international broadcaster, Buffett acknowledged that the economic growth has been slowed down in the wake of the epidemic which started in China but said he remains confident about the long-term future of American business.
He also said that stock investments have pointed to the market being 'little softer' than it was six months ago but showcased optimism regarding the growth. However, he still thinks that the virus outbreak should not affect the stocks.
"This is scary stuff. I don’t think it should affect what you do in stocks,” Buffett said. “In terms of the human race, it’s scary stuff when you have a pandemic.” “Twenty or 30 years from now, American business — and probably all over the world — will be far better than it is today,” Buffett added.
Buffett's optimistic statements about the market came as the death toll in China surpassed 2,600 and the National Health Commission reportedly confirmed 508 new cases. The total number of confirmed cases within China also hit nearly 77,000. First detected in the city of Wuhan, in Hubei Province of China, the virus outbreak has now spread across more than 25 countries since December 2019 and more than 1,700 people have recovered from the disease and nearly 12,500 coronavirus patients have by now been reportedly discharged from hospitals.
WHO chief Tedros Adhanom Ghebreyesus has also claimed that the biggest fear for the organisation is that the virus will continue to spread to other countries and especially those with weaker health systems. Furthermore, the organisation has also called on the world to pledge $675 million in support of the most vulnerable countries.
Consequently, China's President Xi Jinping reportedly said that the epidemic is communist China's 'largest public health emergency' since its founding in 1949. Jinping further called the outbreak a 'crisis' and said that the epidemic has the 'fastest transmission' and the widest range of infection which has been the most difficult to prevent and control.