G7 countries could team up to shield the global economy from further coronavirus damage

REUTERS/Denis Balibouse
  • The world’s major powers are considering a coordinated response to shield the global economy from further fallout.
  • French Finance Minister Bruno Le Maire said Monday G7 leaders would discuss coordination with other Group of Seven leaders on a phone call this week.
  • Governments and businesses have scrambled to contain its spread, disrupting business operations and raising broader concerns about the world economy.
  • Visit the Business Insider homepage for more stories.

As concerns about the coronavirus outbreak escalate, the world’s major powers are considering a coordinated response to shield the global economy from further fallout.

French Finance Minister Bruno Le Maire said Monday he and Treasury Secretary Steven Mnuchin spoke over the weekend and that the two would discuss coordination with other Group of Seven leaders on a phone call Tuesday.

“There will be a concerted action,” Bruno said on France 2 television.”We must act so that this impact that we know will be important on growth, be as limited as possible.”

The Treasury Department did not immediately respond to an email requesting comment.

The respiratory illness COVID-19 has killed more than 2,800 in its epicentre of China and spread to at least 58 countries, according to the latest situation report from the World Health Organisation. Policymakers and businesses have scrambled to contain its spread, disrupting business operations and raising broader concerns about the world economy.

Earlier Monday, the Organisation for Economic Cooperation and Development warned the outbreak could cut its global growth forecast in half.

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