Will coronavirus destroy the global economy?

The Chinese economy has been affected as it is the epicentre

Question: Will coronavirus destroy the global economy?
Position1 of 4›: The coronavirus is bringing down ill-prepared national economies
Argument‹2 of 2: The Chinese economy has been affected as it is the epicentre

Economic forecasts suggest that at the very least, the Chinese economy will be hit until Q4 2020. Other nations can use its example to safeguard their economies before they are hit as badly.

The argument

The Chinese economy has been significantly affected thus far from the coronavirus outbreak. The virus has significantly slowed economic growth in the country, and production has come to a standstill with factories remaining on lockdown. Small and medium businesses, in particular, are feeling significant impact from coronavirus as people remain indoors rather than going to restaurants or shops. However, it is unlikely that this impact will spread far beyond China. A slowdown of growth in China is generally expected to be roughly a fifth as serious elsewhere. Other economies can look to the crisis unfolding in China and use internal safeguards to guard their economies from feeling a similar impact, halting coronavirus from causing a full global economic meltdown.

Premises

[P1]The coronavirus has significantly slowed China's economy by halting production and reducing consumer activity, hitting small and medium businesses especially hard. [P2] The economic impact of China's slowdown on other countries is typically only about a fifth as severe as it is domestically. [P3] Other economies can observe China's crisis and implement internal safeguards to protect themselves from similar harm. [C] Therefore, while coronavirus is bringing down ill-prepared economies like China's, it is unlikely to cause a full global economic meltdown.

Counter-arguments

It is too late for other countries to safeguard against the economic turmoil that has hit China - the impact has already been felt significantly in other economies. Coronavirus has cause significant upheaval to stock markets globally.

Rejecting the premises

[Rejecting P2] Other economies don't have time to prepare themselves - the economic impact is already on their doorstep.