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.

Saudi Arabia will trim this year's budget by around five percent, the finance minister said, in its first austerity measure as the economy reels from the fast-spreading coronavirus and crashing oil prices.

Seven Middle Eastern countries have suspended all commercial flights due to a fast-spreading new virus as the aviation industry's largest trade association announced Thursday that airlines in the region have already lost more than $7 billion in revenue.

The International Air Transport Association, which represents around 290 airlines worldwide, said the travel restrictions that countries have imposed to slow down the spread of the virus "have more far-reaching implications than anything we have seen before."

Oil prices pulled back from a massive early rally Thursday as a plan by the European Central Bank to buy huge amounts of bonds failed to calm coronavirus-ravaged markets. 

"It's all good, I just eat all day" since working from home because of the coronavirus outbreak, a London employee in IT told AFP. "Everyone is in the same boat!"

President Recep Tayyip Erdogan on Wednesday announced a $15 billion package to help the Turkish economy cope with the crisis over the new coronavirus, and urged Turks to leave their homes as little as possible.

In a massive federal effort, President Donald Trump asked Congress to speed emergency checks to Americans, enlisted the military for MASH-like hospitals and implored ordinary people — particularly socially active millennials — to do their part by staying home to stop the spread of the coronavirus.

His proposed economic package alone could approach $1 trillion, a rescue initiative not seen since the Great Recession. Trump wants checks sent to the public within two weeks and is urging Congress to pass the eye-popping stimulus package in a matter of days.

Oil prices fell Wednesday, as concerns about the rapidly spreading coronavirus pandemic and an escalating price war eclipsed pledges by major economies to launch stimulus measures.

Global stock markets sank Wednesday in a third day of wild price swings after President Donald Trump promised aid to get the U.S. economy through the coronavirus outbreak.

London and Frankfurt opened more than 3% lower and Shanghai, Tokyo and Hong Kong all declined. Australia's main index fell 6.4%.