BOWLING GREEN, Ky. (WBKO) -- Coronavirus is not only affecting the world's health but is also affecting the economy. Last week was the worst week in the markets since the 2008 financial crisis.
However financial experts are recommending not to make any rash decisions concerning your investments.
"As tempting as it may be during times like right now, with significant market volatility, it is not the time to make any changes," said Jeanne Fisher, Certified Financial Planner, Strategic Retirement Partners. "Making an emotional decision now can have a significant impact on your long term success."
Although the market was significantly impacted last week the long term effects of the coronavirus are still unknown.
"It is really hard to determine the potential economic impact when the World Health Organization and the CDC can't predict the overall spread of the virus," added Fisher. "What we do know is that many key economic indicators-for us at least- remain strong. Interest rates are low, unemployment is low, commodity prices like oil and gas remain low. We believe, if the virus itself begins to slow, then the impact could be short-lived."
Recently, companies have been issuing profit warnings but what exactly does this mean?
"The U.S. imports more than 20% of all goods from China. One of the major concerns is the potential for a major disruption in the supply chain. We are already seeing that locally with businesses receiving notices from suppliers that shipments can't be filled," added Fisher.
"The second concern, on the other side, is a major disruption in how we live our daily lives. As we are seeing in other countries, major events are being canceled, people are being encouraged to stay home, not travel. This type of lifestyle change has a direct impact on the economy, as consumers aren't out and about spending."
Despite the market downfalls, last week experts are saying the United States most likely will not see another 2008 financial crisis.
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March 02, 2020 at 01:38AM
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Local Certified Financial Planner breaks down the Coronavirus's impact on the economy - WBKO
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