The point is not the virus itself, its the actions taken by governments against it. Especially the Chinese, but now also the South Korean and Italian.
Whole cities and even regions sealed off, factories closed, travelling stopped.
I just read, that only the cancelled flight due to the virus will cost the airlines 30 bn dollars. Production lines of car manufactorers had to halt, because they don't get the needed parts from China anymore. Even the Carnival in Venice has been cancelled, the biggest event of the year in Venice, which brings hundred thousands of tourists into the city.
If this continues for some time - lets say until the summer, when flue viruses usually die down - it means a serious blow to the economy world wide. May be even cause a full blown recession and financial crisis.
So I don't think we are out of the woods already, because not that many people have died yet. The real danger might be somewhere else.