Based on available data we can’t calculate the mortality rate for certain. As highlighted already we don’t know how many of the milder cases are not tested. However based on those who are actually tested the mortality rate appears close to 5-6%. I found this link useful to assist us to more accurately calculate the mortality rate. Hope it helps bring some balance and perspective to an important discussion.
https://www.worldometers.info/coronavirus/coronavirus-death-rate/
How to calculate the mortality rate during an outbreak
At present, it is tempting to estimate the case fatality rate by dividing the number of known deaths by the number of confirmed cases. The resulting number, however, does not represent the true case fatality rate and might be off by orders of magnitude [...]
A precise estimate of the case fatality rate is therefore impossible at present. 2019-Novel Coronavirus (2019-nCoV): estimating the case fatality rate – a word of caution - Battegay Manue et al., Swiss Med Wkly, February 7, 2020
The case fatality rate (CFR) represents the proportion of cases who eventually die from a disease.
Once an epidemic has ended, it is calculated with the formula: deaths / cases.
But while an epidemic is still ongoing, as it is the case with the current novel coronavirus outbreak, this formula is, at the very least, "naïve" and can be "misleading if, at the time of analysis, the outcome is unknown for a non negligible proportion of patients." [8]
(Methods for Estimating the Case Fatality Ratio for a Novel, Emerging Infectious Disease - Ghani et al, American Journal of Epidemiology).
In other words, current deaths belong to a total case figure of the past, not to the current case figure in which the outcome (recovery or death) of a proportion (the most recent cases) hasn't yet been determined.
The correct formula, therefore, would appear to be:
CFR = deaths at day.x / cases at day.x-{T}
(where T = average time period from case confirmation to death)
This would constitute a fair attempt to use values for cases and deaths belonging to the same group of patients.
One issue can be that of determining whether there is enough data to estimate T with any precision, but it is certainly not T = 0 (what is implicitly used when applying the formula current deaths / current cases to determine CFR during an ongoing outbreak).
Let's take, for example, the data at the end of February 8, 2020: 813 deaths (cumulative total) and 37,552 cases(cumulative total) worldwide.
If we use the formula (deaths / cases) we get:
813 / 37,552 = 2.2% CFR (flawed formula).
With a conservative estimate of T = 7 days as the average period from case confirmation to death, we would correct the above formula by using February 1 cumulative cases, which were 14,381, in the denominator:
Feb. 8 deaths / Feb. 1 cases = 813 / 14,381 = 5.7% CFR(correct formula, and estimating T=7).
T could be estimated by simply looking at the value of (current total deaths + current total recovered) and pair it with a case total in the past that has the same value. For the above formula, the matching dates would be January 26/27, providing an estimate for T of 12 to 13 days. This method of estimating T uses the same logic of the following method, and therefore will yield the same result.
Coronavirus Mortality Rate (COVID-19) - Worldometer
https://www.worldometers.info/coronavirus/coronavirus-death-rate/
How to calculate the mortality rate during an outbreak
At present, it is tempting to estimate the case fatality rate by dividing the number of known deaths by the number of confirmed cases. The resulting number, however, does not represent the true case fatality rate and might be off by orders of magnitude [...]
A precise estimate of the case fatality rate is therefore impossible at present. 2019-Novel Coronavirus (2019-nCoV): estimating the case fatality rate – a word of caution - Battegay Manue et al., Swiss Med Wkly, February 7, 2020
The case fatality rate (CFR) represents the proportion of cases who eventually die from a disease.
Once an epidemic has ended, it is calculated with the formula: deaths / cases.
But while an epidemic is still ongoing, as it is the case with the current novel coronavirus outbreak, this formula is, at the very least, "naïve" and can be "misleading if, at the time of analysis, the outcome is unknown for a non negligible proportion of patients." [8]
(Methods for Estimating the Case Fatality Ratio for a Novel, Emerging Infectious Disease - Ghani et al, American Journal of Epidemiology).
In other words, current deaths belong to a total case figure of the past, not to the current case figure in which the outcome (recovery or death) of a proportion (the most recent cases) hasn't yet been determined.
The correct formula, therefore, would appear to be:
CFR = deaths at day.x / cases at day.x-{T}
(where T = average time period from case confirmation to death)
This would constitute a fair attempt to use values for cases and deaths belonging to the same group of patients.
One issue can be that of determining whether there is enough data to estimate T with any precision, but it is certainly not T = 0 (what is implicitly used when applying the formula current deaths / current cases to determine CFR during an ongoing outbreak).
Let's take, for example, the data at the end of February 8, 2020: 813 deaths (cumulative total) and 37,552 cases(cumulative total) worldwide.
If we use the formula (deaths / cases) we get:
813 / 37,552 = 2.2% CFR (flawed formula).
With a conservative estimate of T = 7 days as the average period from case confirmation to death, we would correct the above formula by using February 1 cumulative cases, which were 14,381, in the denominator:
Feb. 8 deaths / Feb. 1 cases = 813 / 14,381 = 5.7% CFR(correct formula, and estimating T=7).
T could be estimated by simply looking at the value of (current total deaths + current total recovered) and pair it with a case total in the past that has the same value. For the above formula, the matching dates would be January 26/27, providing an estimate for T of 12 to 13 days. This method of estimating T uses the same logic of the following method, and therefore will yield the same result.
Coronavirus Mortality Rate (COVID-19) - Worldometer