2. The big decoupling: After the travel industry, the companies that have suffered most from COVID-19 are those with just-in-time supply chains highly dependent on China.

As a result, the coronavirus has already “prompted a re-examination of the world’s central reliance on China as ground zero for manufacturing,” as Peter Goodman wrote in the New York Times.

If the outbreak worsens, “we’ll definitely see accelerated decoupling of manufacturing out of China,” said Ian Bremmer, president of Eurasia Group. “Changes that may have been delayed until the next recession will happen right now.”