Coronovirus: Death toll passes 3,000, WHO urges all countries to stock up on critical care ventilators

The global death toll from the new coronavirus epidemic surpassed 3,000 on Monday after more people died at its epicentre in China, as cases soared around the world and US officials faced criticism over the country's readiness for an outbreak.

The virus has now infected more than 88,000 people and spread to more than 60 countries after first emerging in China late last year. South Korea, the biggest nest of infections outside China, reported nearly 500 new cases on Monday, bringing its total past 4,000.

With fears of a pandemic on the rise, the World Health Organization urged all countries to stock up on critical care ventilators to treat patients with severe symptoms of the deadly respiratory disease.

The rapid spread of the coronavirus has raised fears over its impact on the world economy, causing global markets to log their worst losses since the 2008 financial crisis.

China's economy has ground to a halt with large swathes of the country under quarantine or measures to restrict travel. Other countries have started to enact their own drastic containment measures, including banning arrivals from virus-hit countries, locking down towns, urging citizens to stay home and suspending major events such as football matches or trade fairs.

In a stark example of growing global anxiety, the Louvre -- the world´s most visited museum -- closed on Sunday after staff refused to work over fears about the virus.

China reported 42 more deaths on Monday -- all in central Hubei province. The virus is believed to have originated in a market that sold wild animals in Hubei´s capital, Wuhan.

The death toll in China alone rose to 2,912, but it is also rising abroad, with the second highest tally in Iran with 54, while the United States and Australia had their first fatalities from the disease over the weekend.

The WHO says the virus appears to particularly hit those over the age of 60 and people already weakened by other illness. It has a mortality rate ranging between two and five percent -- much higher than the flu, at 0.1 percent, but lower than another coronavirus-linked illness, SARS, which had a 9.5 percent death rate when it killed nearly 800 people in 2002-2003.But infections are also rising faster abroad than in China now, as the country´s drastic measures, including quarantining some 56 million people in Hubei since late January, appear to be paying off.