The FTSE 100 has fallen almost 30% since the start of the year

Coronavirus will tip the global economy into recession, economists are forecasting, as consumers take fright and governments crack down on free movement.

Economists say that weakness in Europe, with a sharp downturn in China, mean that a global recession — typically defined as worldwide growth of less than 2% — is highly likely this year. Many also expect a recession in the UK.

After a turbulent week for markets, in which the FTSE 100 suffered its worst day since the 1987 crash, Wall Street rallied on Friday when Donald Trump declared a state of emergency, allowing him to unlock $50bn (£40bn) in federal funding.

Warnings over the economic impact of Covid-19 — which has so far resulted in 154,000 cases around the world and more