Wuhan officials’ failure to acknowledge the scale of the problem early on, and their suppression of medical personnel, meant that valuable time to contain the virus was lost. The international community once saw China’s growing influence in multilateral institutions as a positive development. But now that involvement is having a complicated effect on the World Health Organization (WHO), whose leadership is widely seen as overly deferential to Beijing, a stance that could compromise public trust in the organization.

Anne Applebaum: Epidemics reveal the truth about the societies they hit

China is not alone in its initial missteps. President Donald Trump, a self-acknowledged germophobe, sees the outbreak through the prism of the stock market and his own reelection. He has reduced funding for the National Security Council and had already abolished the office within the NSC dedicated to combatting epidemics. He seems to put pressure on his own officials to downplay the risk posed by the virus. Trump, and some of his officials, have actually said the virus could “have a very good ending for us” or “boost jobs” in the American economy. In South Carolina, Trump said that the virus is under control, and that any notion to the contrary is a “new hoax” by Democrats to get rid of him. But there will be no escaping reality. As the virus spreads and more people die, Trump could pivot to his authoritarian impulses, on display before he was president when he called for draconian measures during the 2015 Ebola outbreak.

Other governments are struggling too. Japan failed to deal with the rapid spread of the virus on board the Diamond Princess cruise ship. Cambodia let another ship, the Westerdam, dock and allowed the passengers, at least one of whom was infected, to disembark and travel on. At least seven senior Iranian officials have gotten the virus; one has already died. The virus is now spreading throughout the Gulf with potentially seismic geopolitical consequences. South Korea hesitated before taking more serious steps to isolate and stem the spread of the virus in a secretive cult.

A full-blown pandemic could create a severe economic downturn on par with 2008. Some of the world’s largest economies have ground to a halt. People are limiting their travel. Schools are closing and conferences have been canceled. The Dow Jones fell by more than 13 percent last week and it continues to be volatile. Supply chains have been disrupted and will be difficult to restart. The crisis seems all but certain to reinforce and deepen trends toward decoupling and deglobalization. If the outbreak lasts through the fall, with a lull in the summer, there could be a financial risk if some companies go bankrupt and vulnerable countries face increased borrowing costs.

In addition, information and disinformation flow freely on social media, promoting panic-buying and herd behavior. Civilian hoarding of masks and disruptions to drug supply chains could cause shortages of medical equipment and pharmaceuticals in many countries. Travel disruptions may complicate the effort to get vital supplies to the most vulnerable places.