The International Monetary Fund says the coronavirus pandemic has put the world economy into a recession.
IMF Managing Director Kristalina Georgieva said on Friday that the world had entered a recession "as bad or worse than 2009".
She added that there could be a sizeable rebound next year but only if the global community successfully contains the virus and prevents liquidity problems from becoming a solvency issue.
The IMF chief advised all countries to "go big",saying the virus crisis will not be sorted without a massive deployment of resources.
She also pointed out that emerging market countries will need at least 2.5 trillion U.S. dollars in financial resources to get through the crisis.
81 countries have requested or inquired about emergency financing from the IMF so far.