Christine Lagarde said, “COVID-19 will have a huge impact on economic activity”

The President of the European Central Bank, Christine Lagarde on Saturday, said that “The recent outbreak of Coronavirus (COVID-19), will have a significant impact on economic activity.”

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In a statement issued, Lagarde said, “The spread of the COVID-19 has been a major shock to the global economy and the euro area economy… The virus will have a significant impact on economic activity.”

“It will slow down the production as a result of disrupting the supply chain, It will reduce domestic and foreign demand and will have an adverse impact on the necessary contentment measures,” she said.

“Ambitious and coordinated fiscal policy response is required to support business and workers at risk,” Lagarde said.