World Bank Pledges $12 Billion to Fight COVID-19 Amid Warnings Virus Could Cut Global Growth in Half

World Bank President David Malpass looks on during a press conference at the World Bank office in New Delhi, India, on Oct. 26, 2019. Sajjad Hussain/AFP via Getty Images

The World Bank on Tuesday announced a $12 billion emergency aid package to help countries cope with the rapid spread of the coronavirus.

The move follows warnings that economic slowdown from the outbreak could spark a global recession.