Coronavirus: 'Gravest threat' to economy since crisis, says OECD The Paris-based international body



The OECD has warned the coronavirus is the gravest threat to the global economy since the 2008 financial crisis - as global markets saw fresh volatility in response to the outbreak.

The Paris-based international body slashed its already-weak outlook for world gross domestic product (GDP) growth and said that if not contained soon the virus could tip a number of economies into recession.

It came as the Bank of England said it was working with the Treasury and the Financial Conduct Authority - as well as co-ordinating with other authorities internationally - to "ensure all necessary steps are taken to protect financial and monetary stability".

The FCA, which regulates financial firms, said it expected them to have contingency plans in place "so that they are able to continue operating effectively".

Meanwhile, global markets struggled to rebound following last week's sharp fall in response to the outbreak.


London's leading share index was up to 3% higher - more than 190 points - in early trading but later lost all those gains and was 1% lower by midday.

Markets in Germany and France also rose sharply on opening - following a rally for Asian shares, particularly in China - but later turned sharply negative.

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