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The World Health Organization estimated on March 3 that the global death rate for COVID-19 was about 3.4%. New research (that has yet to be peer-reviewed) from a group of Chinese researchers suggested the rate could be lower than WHO's estimate — it found that the death rate in Wuhan, China, where the outbreak began in December, was about 1.4%.
The death rate of a disease is different from its mortality rate, which is the number of deaths out of the number of people in an at-risk population. A death rate is not a reflection of the likelihood that a given person will die.
According to Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, COVID-19's mortality rate is probably around 1%, which is still about 10 times the flu's.