The COVID-19 outbreak is no longer a regional issue, but a global problem that calls for a global response, according to press briefing jointly hosted by the World Bank Group and International Monetary Fund (IMF) on Wednesday in Washington DC.

The new coronavirus epidemic poses a "serious threat" to people and the world economy, and will slow growth below the 2.9 percent posted last year, IMF chief Kristalina Georgieva said.

The epidemic's impact on confidence and steps to contain it are impacting economic activity, with the result that "global growth in 2020 will dip below last year's levels," she said. 

The IMF in January forecast growth this year of 3.3 percent, which means at least a half point will be lost to the virus.

She emphasizes the importance of fiscal response, adding that it's necessary to anticipate risks, including access to credit and it's better to lean forward in times of crisis.

It's good to see central banks are closely coordinating with each other in response to coronavirus, she added.

The World Bank president stresses the importance of fiscal and monetary stimulus not shifting resources away from working capital.

Georgieva said she has heard encouraging reporting on restarting production in China, hoping production there restored to 90 percent in the coming weeks.

IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass made a joint statement on Monday that they are ready to help member countries address the human tragedy and economic challenge posed by the COVID-19 virus, with special attention to poor countries where health systems are the weakest and people are most vulnerable.

"We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance. In particular, we have rapid financing facilities that, collectively, can help countries respond to a wide range of needs. The strengthening of country health surveillance and response systems is crucial to contain the spread of this and any future outbreaks," the statement said.

A day later, both announced that the spring gathering of finance ministers and central bankers held in Washington in April will be shifted to a "virtual format" due to the coronavirus epidemic.

On the same day, the World Bank Group claimed it will provide up to 12 billion U.S. dollars in immediate support for countries coping with the health and economic impacts of the novel coronavirus.

As of Tuesday, the novel coronavirus pneumonia outbreak, first detected in the city of Wuhan, central China's Hubei Province, in December last year now has already claimed the lives of more than 3,000 people worldwide with over 90,000 confirmed cases.

(With input from AFP)