Coronavirus in Italy: Fears of a Recession

Over the course of a few days, Italian authorities have identified more than 300 cases of Coronavirus (COVID-19) mainly in Northern Italy. At this juncture, Italy appears to have the highest number of cases outside of Asia. This has led the Italian authorities to implement extraordinary measures in several regions of the North to limit the contagion. Schools, sporting events, public gatherings and most public services and offices are suspended for a week and some small cities have been put in quarantine. Private businesses have been affected as well, with a number of institutions encouraging employees to work from home.