Coronavirus could see global growth cut in half says OECD
Attempts are being made to stop the virus spreading
Stock markets remained volatile amid a new warning that the coronavirus could slash global economic growth by half this year.
The Organisation for Economic Cooperation and Development said many countries could plunge into recession if attempts to hold back the spread of the virus fail.
A slowdown in demand for travel and consumer spending could cause the world economy to grow by just 1.5% this year, almost half the 2.9% previously forecast.
Last week saw major stock markets suffer their worst weekly performance since the 2008 financial crisis, with $1.5 trillion being wiped off the value of global shares.
The warning led to further huge swings on the London Stock Exchange after shares opened on Monday in positive territory amid hopes of further monetary stimulus by central banks.
The FTSE 100, which soared 2.5% at the open, was down almost 1% at 6,518 by midday before recovering to trade 74.28 points higher at 6654.89 on the back of an uplift on Wall Street. US stocks soared 5%. The FTSE opened higher on Tuesday.