The world economy is facing "severe" economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday.

Companies are scrambling to adapt as the coronavirus emergency saps demand and governments order them to shut down part if not all of their activities.

Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.

Asian markets were mostly in the red in early trade Monday despite massive economic stimulus efforts worldwide, with investors spooked by the relentless march of the coronavirus pandemic.

The emergency coronavirus relief package that the U.S. Congress is negotiating for businesses and people hit hard by the pandemic calls for up to $4 trillion in aid, Treasury Secretary Steven Mnuchin said Sunday.

Air Canada plans to temporarily lay off more than 5,000 flight attendants due to the new coronavirus pandemic, their union said Friday.

In 2015, Ian Goldin, an Oxford University professor, warned in his book "The Butterfly Defect" about the risks of a global pandemic in a modern, interdependent world.

New York Governor Andrew Cuomo on Friday ordered non-essential businesses to close and banned all gatherings, in an escalation of attempts to contain the deadly coronavirus pandemic.

Greek hoteliers on Friday warned that the tourism sector, which makes up around a third of the economy, faced a "general disaster" if lockdowns linked to the coronavirus pandemic stretched beyond May.

Oil rose further Friday after a dramatic rebound from multi-year lows but stayed below $30 a barrel on fears the deadly coronavirus will push the world into recession with an oversupply.