For the first time in 60 years, Asia as a region will not register any economic growth this year because of the coronavirus pandemic, according to forecasts by the International Monetary Fund. "This is a crisis like no other. It is worse than the Global Financial Crisis, and Asia is not immune," Chang Yong Rhee, director of the Asia and Pacific Department at the IMF, wrote in a blog post published on Wednesday. "While there is huge uncertainty about 2020 growth prospects, and even more so about the 2021 outlook, the impact of the coronavirus on the region will — across the board — be severe and unprecedented," he added. Asia has been among the fastest-growing regions in the world. During previous crises such as the Asian financial crisis in 1997 and the global financial crisis around 2008-2009, the region still registered average growth rates of 1.3% and 4.7%, respectively, said the fund.

But the coronavirus pandemic, which has infected more than 2 million people and killed over 130,000, has halted much of global economic activity as authorities lock down countries and cities to stem the fast-spreading disease. The IMF on Tuesday said the global economy is expected to shrink by 3% this year. The economies of Asia's largest trading partners are expected to experience deep contractions: The U.S. is projected to shrink by 5.9%, while the euro area as a whole is forecast to contract 7.5%. China is one of the few economies poised to grow in 2020, according to the fund's projections. But the IMF's 1.2% growth forecast for the country is a sharp slowdown from China's economic performance in previous years.

China won't help Asia's growth as it did in 2009. Chang Yong Rhee director of the APAC Department at the IMF