Confirmed cases of the COVID-19 coronavirus have surpassed 3 million globally. Businesses are coping with lost revenue and disrupted supply chains as factory shutdowns and quarantine measures spread across the globe, restricting movement and commerce.
Unemployment is skyrocketing, while policymakers across countries race to implement fiscal and monetary measures to alleviate the financial burden on citizens and shore up economies under severe strain.
The International Monetary Fund (IMF) on 9 April said the coronavirus pandemic had instigated an economic downturn the likes of which the world has not experienced since the Great Depression.
On 29 April, the scale of IMF's warning was seen as the US Commerce Department reported a rapid decline in gross domestic product (GDP) in the first three months of the year.
GDP dropped by 4.8% in the first quarter of 2020 - the sharpest contraction since the global financial crisis of 2007-2009 - bringing to an end the longest economic expansion in US history.https://www.weforum.
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