International Monetary Fund managing director Kristalina Georgieva has described the scale of the Covid-19 economic crisis as "the worst economic fallout since the Great Depression".
In a speech, the IMF leader said the world was being confronted with a "crisis like no other".
"Covid-19 has disrupted our social and economic order at lightning speed and on a scale that we have not seen in living memory," she said.
"The virus is causing tragic loss of life, and the lockdown needed to fight it has affected billions of people.
"What was normal just a few weeks ago — going to school, going to work, being with family and friends — is now a huge risk."
The comments came on the same day as the US noted another spike in unemployment figures meaning 16.8 million Americans have been thrown onto the unemployment rolls in just three weeks.
Global growth has turned sharply negative, with the IMF predicting 170 of its member states will experience negative income growth this year – a drastic turnaround from three months ago.
"The bleak outlook applies to advanced and developing economies alike. This crisis knows no boundaries. Everybody hurts," Georgieva said, adding that the crisis is a test for humanity.
The global number of cases from Covid-19 is on track to hit 1.5 million according to data from John Hopkins University.
The US-based centre said global cases were sitting at 1.498 million at the time of writing with just under 90,000 deaths. The real number of cases is likely significantly higher due to untested or asymptomatic cases.
The US has recorded the most cases at more than 430,000 followed by Spain, Italy, Germany, France and China. Italy has recorded the most deaths with more than 17,000 followed by Spain, France and the UK.