About 12 million people in Britain are likely to face difficulties in paying bills and loans due to economic challenges caused by coronavirus pandemic, a Financial Conduct Authority survey said on Thursday.

Britain: 12 million people will likely struggle in paying bills, says watchdog

A top IMF official has said that there is room for more fiscal support in India in the near term, particularly for vulnerable households and SMEs, given the severity of the country's economic situation due to the COVID-19 pandemic.

Economic impact of COVID-19 in India has been substantial: IMF

The International Monetary Fund has said the global economy will take a $12 trillion hit from the Covid-19 pandemic after slashing its already gloomy growth projections for the UK and other developed countries in 2020.

Global economy will take $12 trillion hit from COVID-19: International Monetary Fund

The total number of global coronavirus has increased to over 6.6 million, while the death toll has topped 390,000, according to Johns Hopkins University. Governments around the world have stepped in to protect the economy of their respective nations.

Why short term schemes and stimulus are insufficient to tackle COVID-19

Europe's largest economies Germany and France have proposed a $545 billion recovery fund that would offer grants to European Union regions and sectors hit hardest by the Coronavirus pandemic.

France and Germany propose $545 billion rescue fund to fight Covid 19

The European Commission said today that the eurozone economy would contract 7.7 per cent this year due to the coronavirus outbreak. Also Read: Italy claims world's first coronavirus vaccine; human trials soon The EU called it "recession of historic proportions", but said that economies of the continent would rebound next year with 6.

'Recession of historic proportions': Eurozone economy predicted to contract 7.7%

While coronavirus continues to batter the global economy, the fate of Indians working in Gulf countries dangles by an extremely thin thread. The world economy is bracing itself for a recession worse than the Great Depression during which unemployment and poverty will be at its peak.

Uncertainty lies ahead for Indian expats in Gulf countries

These are unprecedented times for the global economy and that is an understatement. But, the pandemic has set back the global economy by decades. Also read: How is the Chinese economy's shrinkage reconfiguring the global economy?

Coronavirus has brought world economy on its knees, is a global recession inevitable?

As the coronavirus pandemic has caused the global economy into a severe recession, the Group of 20 nations on Wednesday announced a one-year standstill for world's poorest countries in a bid to give them some respite from its ongoing struggle with the virus outbreak.

Coronavirus: G20 agrees to provide debt relief to poorest countries