A range of banks and financial institutions have offered their worst-case scenarios for 2020, as the spread of the new coronavirus impacts the global economy and roils financial markets.
Italian Prime Minister Giuseppe Conte told his entire nation to "stay at home" on Monday evening as the country experiences the second highest number of coronavirus cases in the world.
"Now that the virus has a foothold in so many countries, the threat of a pandemic has become very real," WHO Director-General Dr. Tedros Adhanom Ghebreyesus told reporters on a conference call Monday.
Epidemics have emerged in countries across the world, notably in Iran, Italy, and South Korea, where the number of cases and the death toll are rapidly increasing.
The Italian prime minister vowed Monday to deploy a "massive shock therapy" in the form of economic stimulus as the coronavirus keeps spreading throughout the country and pushes it toward recession.
The virus has sent global stock markets falling, manufacturing has slowed as factories close their doors, and companies have been forced to cancel planned events around the world.
Market participants are not making "rational" decisions when trading on the back of the coronavirus outbreak, an economist told CNBC's "Squawk Box Europe" Friday.
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