Coronavirus impact on the economy

The Stockmarket has been down for the third day in a row, and many countries are sounding the alarm of the economic impact of the Coronavirus on the economy. The impact is certain because the world economies are so intertwined, and countries depend on each other and especially on China for many of the products we consume.

Apple stocks have dropped because Apple announced that it would sell as many iPhones because of its factories in China have been closed.

Other companies as well. But, U.S. officials will have a better idea in a few weeks, said U.S. Treasury Secretary Steven Mnuchin.

The uncertainty and the spread of the disease could wipe out growth in 2020, perhaps completely, said strategists at Goldman Sachs. Of course, it is all speculations, but much of investments is build on speculations. Click here for more …..

It all depends on how much we learn about the disease and whether we find a cure for it very quickly, or have it contained. Fear will continue to escalate as long as the disease spreads from one country to another.

Experts believe that we should make plans and keep cash at hand in case we are unable to go to work or access banks.

As far as investment goes, keep a cool head. Don’t start dumping stocks immediately and contribute to the fear and uncertainty of the market, experts say. To protect your 401(k) investment stays the course and remain calm, they say, you are in it for the long term.

Other recommendations from the experts include reviewing your investments to make sure that your investment is consistent with your long-term goals. Click here for more ….