It’s not this simple. It takes a longer time for people to recover than it does for people to die. Particularly when you consider that people stop having symptoms, so “recover” in the ordinary sense of the word, but still test positive for the virus, so are not marked as recovered.

Look at the mortality specifically in places which overtest: South Korea, Japan, Taiwan. There it looks closer to 1%. There are additional factors to consider like population age, but there Italy is the outlier, not South Korea.

That would only list those recoveries that have been bad enough to warrant a test in the first place. With health care systems being overwhelmed the world over, almost no country is doing extensive testing of all people who suspect they might have been infected, meaning there will be a huge number of mild cases going unreported. South Korea is perhaps the only exception.