Coronavirus is plunging the global economy into its worst crisis since 2009

The coronavirus is plunging the world economy into its worst downturn since the global financial crisis, according to the Organization for Economic Cooperation and Development, which warned Monday that growth could be cut in half if the outbreak continues to spread.

Policymakers around the world must act now to prevent such a scenario, the OECD said. It called for a coordinated global response to contain the outbreak, recommending that governments increase spending and central banks implement policies to help cushion the blow from the virus. "The virus risks giving a further blow to a global economy that was already weakened by trade and political tensions. Governments need to act immediately to contain the epidemic, support the health care system, protect people, shore up demand and provide a financial lifeline to households and businesses that are most affected," said OECD chief economist Laurence Boone.

Many of the world's biggest companies have issued profit and sales warnings in recent weeks, reflecting changes to consumer behavior that are causing disruption even in markets where relatively few cases have been identified. Some businesses are also having trouble keeping their factories open due to travel restrictions and supply chain problems.

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