NEW DELHI — It has now been over two months since China admitted that an epidemic had broken out in Wuhan city in Hubei province. As countries begin announcing lockdowns to limit the spread of the virus, economic activity is grinding to a halt in large parts of the world economy. Not only are there supply shocks leading to reduced production, but there is also a decline in income as people are not able to work and have reduced purchases to a bare minimum. China, the largest car market in the world, has reported an 80% drop in sales.
