The stock markets are tanking on fears that companies will have to close operations temporarily, impacting their earnings. Meanwhile, the US has warned of a coronavirus outbreak in its shores. This further led to the fall of equity indices. Kristalina Georgieva, managing director of the International Monetary Fund (IMF) said at the Group of 20 meeting of finance ministers and Central Bank governors in Riyadh that countries must work together to contain the spread of COVID-19, but in any case, it can still have a negative economic impact. “Of course, we all hope for a V-shaped, rapid recovery—but given the uncertainty, it would be prudent to prepare for more adverse scenarios,” Georgieva said.
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