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A few weeks ago, most of us had never heard of a “coronavirus”—much less “2019-nCoV,” the precise term for the seventh known strain of coronavirus, which first appeared in humans late last year in Wuhan, China. Now, barely a month since it was first reported, the new virus has seized the attention of the world. It has infected thousands of people, disrupted the lives of hundreds of millions, and become a major market driver. And the outbreak appears to be accelerating.

The coronavirus has created a historic decline in cash flows across the globe. We estimate US corporate revenue across public and private businesses will decline by roughly $4 trillion. Explore our measure of the losses and thoughts on how the hole can be mitigated.

The laws of physics give us the concepts of potential energy and kinetic energy. For example, when a ball is held high above the ground, it has a lot of potential energy; when the ball is released and in motion, this turns into kinetic energy; and when the ball is on the ground at rest, it has neither. Economies have analogous dynamics. economy is low. That is where most developed economies now find themselves. This is made worse by unfavorable demographics and slow productivity growth.