Nobody knows at this point the direction the Coronavirus is going to go ... but experts think there will be more worldwide spreading even with the testing, quarantines, etc precautions. If it keeps getting worse, then they say "social spreading" will increase which means people stay away from malls, movies, games, concerts, public transportation, schools, daycare, etc, etc.
All of that will definitely impact the economy, because it you can't make and sell goods then the economy will be effected. In today's world, the economy of all countries is tied to other countries, so all of these country's economy go up and down together. Time will tell, but IMO the stock market isn't going have an instant/short term bounce back like it has on some previous short term "scares".