SARS Virus Devastating Asia's Economies

B A N G K O K, Thailand, April 19 -- The SARS virus has now hit nearly every country in Asia, spreading fear, panic, and economic chaos in its wake.

On Tuesday alone, nine people in Hong Kong — including the youngest victim yet, a 32-year-old woman — died from severe acute respiratory syndrome. And in Singapore, hundreds of people were placed under quarantine because they had contact with SARS victims.

Today, Hong Kong officials reported a new record — 12 deaths in a single day.

With the global death toll topping 150 people, Asia's economic health is also showing symptoms of ailment.

"SARS will knock you backward, it may even kill you," Singapore Prime Minister Goh Chok Tong told a news conference today. "But I can tell you SARS can kill the economy, and all of us will be killed by the collapsing economy."

In Hong Kong, most hotels, shopping malls and restaurants are virtually empty amid a run on traditional medicines. Service industries are already laying off thousands of workers and many more jobs are at risk as international business is starting to steer clear of the region.

Even U.S.-based companies such as Nike, Intel and Motorola are growing increasingly worried about the impact of SARS on both their sales and manufacturing.

Crisis Control

The virus is a double-edged sword for Asia because it is not only the largest consumer market in the world, it makes nearly everything as well.

Asian nations are desperate to convince the rest of the world that they have the disease under control, that it's safe to visit and work there, because the region is so dependent on international trade, transportation and tourism.

But the best intentions have done little to ease the crisis. With ominous scenes of the sick being carted off day after day, fear has spread farther and faster than the disease itself.

Thailand, for one, set up strict health screenings at its airport to monitor potentially infected passengers.

A Thai senator, Mechai Viravaidya, said the precautions are a responsible way to handle the viral epidemic, especially since Thais remember what happened when they ignored the AIDS epidemic for too long.