Asia's service sectors 'most vulnerable if outbreak escalates'

Singapore/Beijing

SERVICE sector activity in Asia, especially tourism-related fields, would be the most vulnerable should the Wuhan virus outbreak escalate sharply.

This could leave economies such as Singapore, Thailand and Hong Kong exposed, Fitch Ratings said in a report on Friday.

But the downside risks to these Asian countries would be mitigated by large financial buffers and easing of other macroeconomic risks, it noted.

The Wuhan coronavirus, now known as 2019-nCoV, can be transmitted from person to person. As of Friday afternoon, it has killed at least 26 people and some 830 cases have been confirmed.

Singapore confirmed its first case, a 66-year-old Chinese male from Wuhan, on Thursday.

Fitch said the global airlines, gaming, lodging and leisure sectors are vulnerable to pandemics that influence consumer behaviou…