Finance ministers and central bankers from the Group of 20 nations began meetings on Saturday in the Saudi capital of Riyadh for the first time since the virus forced much of China to be quarantined and then began to spread.
"The world economy is facing a clear slowdown and this slowdown might be reinforced by the so-called coronavirus,” French Finance Minister Bruno Le Maire said in Riyadh."The question remains open whether it will be a V-shape with a quick recovery of the world economy, or whether it would lead to an L-shape with a persistent slowdown in world growth.
China reported car sales sank 92% in the first half of February. The euro area went against the trend though, with activity accelerating at the fastest pace in six months in February. Some G-20 policy makers are already responding. China has led the way by cutting market interest rates, and could take the bolder step of reducing reserve requirements.Governments in more than half of the G-20 economies are easing budgets with South Korean President Moon Jae-in this week calling for an"emergency prescription.”
ECB Chief Economist Philip Lane told Bloomberg Television on Friday that the"base case is a V-shape” trajectory in activity.
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