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Coronavirus

Emerging markets cut interest rates to blunt coronavirus damage

Thailand and Brazil opt for record lows as tourism and resources take hit

NEW YORK/MANILA -- Emerging countries are cutting interest rates to shield their economies from the fallout of the deadly coronavirus outbreak that has brought industrial and consumer activity in much of China to a standstill.

Developing and emerging nations grew 3.7% last year, the slowest pace since 2009, the International Monetary Fund says. Though the IMF predicted in early January that growth would pick up to 4.4% this year, the outbreak centered in China could dash hopes of a rebound by paralyzing a vital trade partner and source of tourism for many of these countries.

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