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

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 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%

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

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.

Clear we have entered recession, would be worse than 2009: IMF