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Economists at ING Bank warned: “A recession is not the correct word of what we are currently witnessing. It is an abrupt stop of economic activity, from 100 to zero in just a few days or weeks. A virus-driven ice age.” The global tally of COVID-19 cases stands at 1,100,283 with more than 58,000 fatalities, according to Johns Hopkins University virus tracker. Global stock markets fell yesterday morning with the impact of the virus, and for some the oil market cash, putting at least half a dozen countries at risk of having debt downgraded to a “junk” rating facing investors to scatter since asset managers are unable to hold debt in this category.

The pandemic has caused the oil market to crash, with prices falling to $34 a barrel from $65 at the beginning of the year.

Fuel demand has dropped by roughly a third, or 30 million barrels per day, as billions of people worldwide restrict their movements.

A global deal could be struck to reduce production by as much as 10 million to 15 million barrels per day.

It would require participation from nations that do not exert state control over output, including the United States, now the world's largest producer of crude.

The Eurozone was hit hard last month after business closures, hospitality venues locked-up and at least one million job losses within two weeks. READ MORE: Euro POLL: Should Brown be thanked for keeping UK out of euro? VOTE

Italy and Spain could suffer a drastic blow to GDP of more than 10 per cent for both countries, plunging them into a steep recession, as the country’s most afflicted by COVID-19 with both nations suffering a daily death toll of some 900 people. Friday was the first day in a week that saw the death rate slow, with 932 fatalities down from 950. Spain was put under lockdown from March 14 for an initial two-week period, now extended until April 12. Spanish authorities are considering an extended lockdown. Italy has also lengthened its lockdown until Easter and expects its peak to come in just over a week’s time.

Global markets have been frozen as citizens are forced into isolation

The Eurozone was hit hard after job losses and business closures

Luca Visentini, the European Trade Union Confederation, said many companies killed off by the virus won’t be able to get back on track.

He said: "What we are experiencing at the moment, especially in the last week, is that the number of companies disappearing from the market is increasing dramatically

"Thousands and thousands of small and medium enterprises that have been locked down will not be able to come back to the market because they are dying.

“And on the other side we are witnessing at least one million workers that became unemployed across the different European countries because of the lack of short time work arrangements or sick pay."

Worldwide job losses could reach 36 million, according to the International Labour Organization. DON'T MISS:

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Luca Visentini said many companies could be killed off permanently