The new coronavirus, which appeared in December, has already claimed nearly 500 lives, infected more than 24,000 people in mainland China and spread to more than 20 countries.

Its onslaught continues unabated, making it difficult to guesstimate the actual damage it has caused to the global economy.

Outside mainland China, there have been more than 170 infections reported in around two dozen places. There have also been two deaths, one in the Philippines and the other in Hong Kong.

Given China’s economic heft and position in global supply chains, the new strain of coronavirus is affecting companies from far and wide in multiple sectors.

On the social front, it has made life extremely tough for millions of people, especially in China. Several governments have instituted travel restrictions and many airlines have suspended flights to and from China.

The fact that a baby in epidemic-hit Wuhan city has been diagnosed with the novel coronavirus just 30 hours after being born indicates the extent of danger it poses.

The lack of an effective drug as yet to tackle the virus has compounded the problems.

The World Health Organization (WHO) has played down media reports of “breakthrough” drugs being discovered to treat people infected with the virus. WHO spokesman Tarik Jasarevic has stated: “There are no known effective therapeutics against this 2019-nCoV (virus) and the WHO recommends enrolment into a randomised controlled trial to test efficacy and safety.”

The process of developing and testing drugs or vaccines against a new pathogen normally takes many years and is fraught with pitfalls and failures. Even at the accelerated pace enabled by new technologies, the earliest that scientists hope to be able to start initial human trials of a new coronavirus vaccine is by June this year.

European Central Bank President Christine Lagarde has also underscored the fact that the coronavirus outbreak is adding to global economic uncertainty, intensifying widespread worries over the impact of trade protectionism.

Lagarde’s comments may signal increased caution and could point to continued anaemic growth in the 19-member currency bloc.

While the threat of a trade war between the United States and China appears to have receded, the coronavirus has added a new layer of uncertainty.

The virus has not spared even cruise ship passengers. Around 3,700 people are facing at least two weeks locked away on a cruise liner anchored off Japan after health officials confirmed that 10 people on the ship had tested positive for coronavirus and more cases were possible. While the infected patients were transferred by Japan’s coastguard to hospitals on the mainland, the rest of the passengers and crew on board the Carnival Corp ship were placed in quarantine and given health screenings. Benevolent UAE, on its part, deserves praise for extending sincere support to China in its fight against the new coronavirus.

All prominent media have highlighted the UAE’s symbolic gesture of illuminating important landmarks in the country on Sunday evening with the Chinese flag and supportive messages in Mandarin.

Xinhua, the Chinese news agency, published several pictures of lit up UAE structures under the headline ‘UAE landmarks fuel China’s fight against the epidemic.’ The agency said the buildings were lit up with slogans in part “to cheer China up” in its fight against the novel coronavirus.

Abu Dhabi National Oil Company, ADNOC’s headquarters in Abu Dhabi was emblazoned with slogans in Chinese that read “Wuhan, come on.”

China certainly deserves all the world support at this hour of need.