Fordham professor warns of coronavirus impact on the economy

Posted: Updated:

Concerns over the coronavirus are sweeping the nation after the second person in the United States was killed by the virus.

Although, so far, no one in New York City has died from the coronavirus, it's still making an impact.

MORE: Manhattan woman confirmed as 1st case of coronavirus in New York

Fordham University Professor Falguni Sen says he is noticing a trend that the coronavirus is not only hurting people’s health but also impacting the local economy.

"Supply has gone down and therefore availability of parts and supplies have gone down, and we can't assemble the final product and sell them," says Sen.

"So much of the supply to the auto industry comes straight from China, and it’s beginning to hurt the manufacture," says Sen.

The prices of goods like cellphones, medicine and car parts can go up and availability of items can go down.
 
"You already see Apple who does manufacturing from China, but Apple has already said 2% of sales will be down in the iPhone itself because of what’s going on in China," says Sen.

On Saturday, the president took action to keep Americans healthy by increasing travel restrictions to the states.

However, the economic impact of the virus may have already begun.

"If it spreads in a big time the panic is worth it, but we just have not enough data for us to know," says Sen.

Experts say customers can stock up on some generic medicine as many of it comes from overseas.

It is unclear when there will be a cure for the coronavirus. Although health officials say work is being done to put a stop to the virus before it spreads.

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