Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented” toll on the region's service sector and major export destinations, the International Monetary Fund said, according to Reuters.

“These are highly uncertain and challenging times for the global economy. The Asia Pacific region is no exception," said Changyong Rhee, director of the IMF's Asia and Pacific Department.

"The impact of the coronavirus on the region will be severe, across the board, and unprecedented."