The head of the International Monetary Fund (IMF) says it is clear the global economy has now entered a recession that could be as bad or worse than the 2008 downturn.
IMF Managing Director Kristalina Georgieva says the lending agency is still forecasting a recovery in 2021.
But she told reporters at a news conference Friday that it would only occur if nations succeed in containing the coronavirus and limiting the economic damage.
Ms Georgieva said the IMF is updating its economic outlook and it will be released in a few weeks, allowing the agency more time to assess the economic impacts of the virus.
She has repeated a pledge that the IMF stands ready to make all one trillion dollars of its lending resources available to countries being hit by the virus.