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Flash composite PMI readings plunged to record lows in Germany, France, the UK, and the Eurozone, and services activity fell in Japan and Australia.
"The case for a coordinated and synchronized global fiscal stimulus is becoming stronger by the hour," the IMF's Kristalina Georgieva said.
Don't be misled by the strong number. The full impact of the coronavirus wasn't fully reflected in the February report.
Another global authority slashes its growth forecast to near-standstill levels, as experts brace for the worst economy since the financial crisis
The respiratory illness COVID-19 has spread to at least 76 countries, upending global supply chains and broader business activity.
Key Trump adviser claims tax cuts will still ‘pay for themselves’ even as coronavirus drags on US economy
Republicans have argued tax cuts would bolster enough growth to make up for steep losses in government revenue.
Policymakers and businesses have scrambled to contain the spreading virus, which has raised serious red flags around the global economy.
In a recent survey of small- and medium-sized businesses across China, one-third said they would be able to cover fixed expenses for only one month.
The US labor market entered 2020 on a stronger than expected note, adding jobs for a record 112th month.
How countries around the world are fighting to keep growth afloat as the coronavirus threatens the economy
The coronavirus could chip away as much as 0.3% from global GDP, which would bring annual growth to its slowest pace since the financial crisis.
A key gauge of US factory activity rebounded more than expected in January, climbing out of contraction territory for the first time since July.