"We have cut our 2020 global growth forecast to 2.8% (from 3.2%). This would be the lowest reading since 2009," the Bank of America's (BofA) economists stated in a note, adding it would also be the first time since the crisis that it was projected to be under 3%.

The bank's economists also noted that extended disruptions in China were likely to hurt global supply chains. Weak tourist flows are seen to be another headwind for Asia. And limited outbreaks, similar to that in Italy, are possible in many countries, leading to more quarantines and weighing on confidence.

"Therefore, we have cut our forecasts across the board," they said. China is now expected to grow by 5.2% from 5.6% previously. "We project just 2.2% growth outside China, also the lowest rate since 2009."