Coronavirus exposes the danger of embracing protectionism | Richard Partington

Not since the financial crisis of 2008 has the world been more in need of concerted action

Not since the depths of the financial crisis has panic set in on the scale experienced over the past week. Conversations on the bus, at work and in the pub arefocused on the prospect of a deadly disease spreading uncontrollably. Stock markets are falling as fear about the coronavirus heightens and the potential cost for the world economy becomes increasingly apparent.

Wall Street has suffered the fastest reversal since 1933 during the depths of the Great Depression. The Dow lost more than 10% of its value in a week from record-breaking highs to the lowest point since 2016. More than $5tn (3.9tn) has been wiped off the value of global markets. The FTSE 100 is not immune, plunging the most in a week since the 2008 crash. Markets are expected to fall further this week.