The International Monetary Fund (IMF) says the global economy is expected to shrink by three percent this year – the biggest contraction since ‘Great Depression’ during 1930s.

IMF also said that the coronavirus pandemic is likely to bring Asia’s economic growth to a standstill for the first time in 60 years.

Coronavirus pandemic, which has infected more than 2 million people and killed over 134,000, has halted much of global economic activity as authorities lock down countries and cities to stem the fast-spreading disease.

The Director of the Asia and Pacific Department, Chang Yong Rhee wrote in a blog posted on IMF website on Wednesday, “This is a truly global crisis as no country is spared.For the first time since the Great Depression both advanced economies, emerging markets and developing economies are in recession.”

According to the blog, the cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around 9 trillion dollars, greater than the economies of Japan and Germany, combined.