The group of ministers issued a joint statement which said they were keeping a close eye on the outbreak and were prepared to deploy “fiscal measures”.

The increased action to prepare for economic impact stemming from the virus’s outbreak comes as stock markets around the world are suffered their worst week since the global financial crisis of 2008.

Scottish Financial News reported that markets in Europe fell drastically, with London’s FTSE 100 index falling more than 3%.

Similarly, businesses such as whisky giant Diageo, Pernod Richard, Apple and Microsoft have issued profit warnings in anticipation of the effect that the outbreak will have on their balance sheets, distribution ability and workforce.

It is feared that the economic impact of the virus could lead to a recession.

Yesterday, Mark Carney, Bank of England boss, said that the virus could produce a “large” but temporary hit to UK growth. He emphasised however, that the virus is likely to cause “disruption not destruction” to the UK economy.

Central bankers and finance ministers from Canada, France, Germany, Italy, Japan, the UK and the US held a conference call on Tuesday, led by US Treasury Secretary Steve Mnuchin and US Federal Reserve boss Jerome Powell, the BBC reports.

The ministers said in a joint statement: “Given the potential impacts of Covid-19 on global growth, we reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks.

“Alongside strengthening efforts to expand health services, G7 finance ministers are ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase.

“G7 central banks will continue to fulfil their mandates, thus supporting price stability and economic growth while maintaining the resilience of the financial system.”

On Monday, the Organisation for Economic Cooperation and Development (OECD) revealed that the global economy could grow at its slowest rate since 2009 this year due to the outbreak.

The OECD forecast growth a measly growth of 2.4% in 2020, a decrease from 2.9% in November, but it said a longer “more intensive” outbreak could force several countries into recession.