Global markets suffers record falls due to the spread of the coronavirus. Especially, Asian markets have suffered their worst weekly crashes since the financial crisis in 2008. Governments and central banks launched more emergency measures to tackle the economic impacts of the virus.
Experts warn that a lack of testing and unreported cases might make many more people be affected by the coronavirus that emerged in the Chinese city of Wuhan last year.
In many countries around the world, large public gatherings were restricted or banned, major sporting events cancelled or postponed, and schools closed.
Nikkei of Japan was in free-fall, dropping 10 percent, after Wall Street stocks falled off around 10% in their worst day since the Black Monday crash in 1987.
Travelers in Europe rushed to book flights to the US after President Donald Trump imposed travel restrictions from this continent, which not only angered European leaders but also frightened investors.
Trump also suggested that the 2020 Tokyo Olympics should be delayed by a year.
Meanwhile, Tokyo 2020 organizers insisted that they were well preparing to hold safe and secure Olympics in July as scheduled.
The government and central bank of Japan shared a strong concern over the economic fallout due to the virus, suggesting major fiscal stimulus measures could be in the works.
The US Federal Reserve also offered a $1.5 trillion in short-term loans in order to stabilize the financial system and stimulate the economy.
The central bank of Australia pumped a lot of cash into the system since panic selling across worldwide markets threatened to push up borrowing costs.
The coronavirus outbreak has also disrupted many other fields of social life, including industry, entertainment, travel, as well as sports, not to mention that it has prompted airlines all over the world to appeal for urgent aid from the governments.
European leaders warned that things would get even worse before they get better.