New York (CNN Business) The world economy could stumble into a recession if the coronavirus outbreak is not contained quickly, former White House economist Kevin Hassett warned on Friday.

Hassett, speaking in the midst of the worst week on Wall Street since 2008 , expressed concern about the rapid spread of the coronavirus around the world, including in warmer-weather places like Iran.

"If people are able to spread it outside of the flu season, then this has legs through the summer and you're absolutely looking at a recession globally," Hassett, a CNN economics commentator, told CNN's Poppy Harlow.

Asked if a recession in the United States is imminent, Hassett said it's too early to say, but pointed out that first-quarter GDP growth is still likely to be positive.

"We're right at that moment where we just don't know," Hassett said. "If a recession starts, it's really got to start in the second quarter."