Leaders of the G7 major economies pledged on Monday to do "whatever is necessary" to halt the economic freefall in the wake of the coronavirus pandemic, vowing to coordinate recovery plans in the face of a possible worldwide recession.

"The COVID-19 pandemic is a human tragedy and a global health crisis, which also poses major risks for the world economy," a joint statement from Britain, Canada, France, Germany, Italy, Japan and the United States read.

"We resolve to coordinate measures and do whatever it takes, using all policy tools, to achieve strong growth in the G7 economies, and to safeguard against downside risks," they said following an emergency videoconference.

"To this end, we are mobilizing the full range of instruments, including monetary and fiscal measures, as well as targeted actions, to support immediately and as much as necessary the workers, companies, and sectors most affected. This is particularly important for small and medium businesses and working families," they added.

The G7 leaders said their finance ministers would coordinate implementation of the measures weekly and develop further actions.

They also noted the disruption to supply chains due to transportation shutdowns, as well as the harm to families.

The leaders called on global institutions like the International Monetary Fund and the World Bank Group to support countries worldwide to deal with the crisis.

(With input from Reuters, AFP)