Of course it has an impact on economy and also consulting industry. However, at the moment I don't see the risk of Coronavirus causing a long lasting recession as it was the case in the last financial crisis.
In my opinion it will have some short-term and maybe mid-term implications, but definitely no long term.
Consulting industry therefore reacts differently to the virus depending on the region and company. While some Asian countries (i.e. China and Singapore) indeed freezed hiring for the moment, other Asian countries (i.e. Vietnam, Malaysia) still continue hiring.
The virus has not yet affected recruiting in Europe and Middle East (it is still booming and hungry searching for candidates) or North America.
By the way, today I just got two insights from my mentees in China and Germany: some consulting companies have already resumed hiring in China - absolutely great news!
In parallel, other companies like Oliver Wymann in Germany are adapting their recruiting practices to the current situation and now offering more online interviews instead of the assessment centers in person. Hope, it helps you further to get more confidence ;)
Which region and company are you targeting?