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The International Monetary Fund has warned that the global economy could suffer a severe recession “at least as bad during the 2008 global financial crisis or worse” in 2020.

Cases of coronavirus have been reported in 195 countries and territories across the world.

Kristalina Georgieva, IMF managing director, made these comments after a phone call of G20 finance ministers and central bank governors on Monday.

“First, the outlook for global growth: for 2020 it is negative—a recession at least as bad as during the global financial crisis or worse. But we expect a recovery in 2021,” she said.

“To get there, it is paramount to prioritize containment and strengthen health systems—everywhere. The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be.

“Advanced economies are generally in a better position to respond to the crisis.”

Georgieva warned that many emerging markets and low-income countries face “significant challenges” as there are already capital outflows from poorer nations.

The IMF said it will step up aid to countries in need and called on central banks to create additional swap lines, to prevent a liquidity crisis in emerging markets and poorer nations.

Many of the world’s wealthiest nations have already established swap lines, including the US federal reserve.