Current estimates are that the number of actual infections is 2-8 times higher than the num of confirmed cases. Therefore, the Infection Fatality Rate (IFR) is much lower than the CFR.
2. CFR is highly dependent on the quality of medical care. With good supportive medical care, mortality is much lower. Unfortunately, most of the current cases are in Wuhan,
where the medical establishment is currently overwhelmed, and the quality of care is low. This skews the statistics. In other places, even in other parts of China, the CFR is lower.
Overall, SARS-CoV-2 is likely to have a true mortality rate not much higher than most seasonal flu strains, meaning that the panic around it is mostly unjustified.