South Korea didn't shut everything down and their numbers are dropping. It seems like the more drastic measures taken, the more severe the effects. Another thing is the false-positive rates for the tests. From early results, the false-positive rate seems rather high. We probably will never know, but I'd be really curious to know how many of the deaths are actually the seasonal flu.
South Korea seems to be an exception to the rule. Look at all them walk around with masks on. How many people in America have you seen wear masks? Seems like they took it serious from the start and never let it get out of hand.