GLOBAL ECONOMY TO GO SOUTH, G20 MINISTERS PREDICT

Finance chiefs of the Group of 20 major economies said Sunday the global economy is expected to "contract sharply" this year due to the coronavirus pandemic, Kyodo news agency reported.

The G-20 finance ministers and central bank governors also vowed in a joint statement that they will "continue to use all available policy tools to safeguard people's lives, jobs and incomes," although the economic outlook "remains highly uncertain."

The statement was released after they held a videoconference and as leaders of the 27-member European Union (EU) continue to be at an impasse over the use of a huge stimulus fund.

Aside from the G20 ministers, the International Monetary Fund (IMF), World Bank (WB) and the Asian Development Bank (ADB) also warned of economic turmoil worldwide due to the pandemic.