Completely placing aside the human impact from a health and medical perspective for the moment, and focusing only on the social and economic impacts:
My uneducated take on the subject is that the initial quarantine of 11 Million people in Hunan although draconian made sense, as a too little to late, hail Mary attempt to contain the virus in that one region, and potentially defeat it entirely.
So yes that is an epicenter of production for the globe and the effects on manufacturing, supply chains had a temporary but short term ripple effect through the global economy.
Now that we have caes in 30+ countries the cat is out if the bag so to speak. We will see this virus go after the same locations through many different tentacles, no longer driven via the global reach of a relatively small number of international travelers.
Unless this virus has an outrageous mortalitay rate of say 30%, which it clearly does not, I honestly don't understand the value of continued "mass closures", quaranteens, and cancellations that are now starting to sweep the globe. This virus is with us now for at least the next year or two if not forever. To see these actions essentially force us into a global recession costing millions of job and all the other negative effects that come with it seems counterproductive and ultimately "ineffective".
This genie is already out if the bottle. Is going about our normal lives with a renewed focus on disinfecting surfaces, cleanliness, hand washing, the sick self isolating, the very sick seeking emergency treatment, and the list goes on... make just as much sense with not nearly as much economic damage, until viable treatments and eventually a vaccine eventually become available, such a ridiculous idea?