"This suggests that the overall clinical consequences of Covid-19 may ultimately be more akin to those of a severe seasonal influenza (which has a case fatality rate of approximately 0.1%) or a pandemic influenza (similar to those in 1957 and 1968) rather than a disease similar to SARS or MERS, which have had case fatality rates of 9 to 10% and 36%, respectively."
[1] https://www.nejm.org/doi/full/10.1056/NEJMe2002387
Also there were 3000 death in China, and new cases are declining. In France alone (20 times less people), it's common to have 10000 death annually from the flu. Of course, China enforced strict containment measures and we don't know the exact numbers, but overall the death toll seem rather small. Why should we expect much worse in the West? And finally, it's not sure, but some experts expect the virus to decline with warmer temperatures. So overall, I'd say there's room for optimism.