G7 countries could team up to shield the global economy from further coronavirus damage

• The world's major powers are considering a coordinated response to shield the global economy from further fallout.
• French Finance Minister Bruno Le Maire said Monday G7 leaders would discuss coordination with other Group of Seven leaders on a phone call this week.
• Governments and businesses have scrambled to contain its spread, disrupting business operations and raising broader concerns about the world economy.
• Visit the Business Insider homepage for more stories.

As concerns about the coronavirus outbreak escalate, the world's major powers are considering a coordinated response to shield the global economy from further fallout.

Treasury Secretary Steven Mnuchin and Chair Powell will lead a phone call with other Group of Seven leaders Tuesday morning, a Treasury spokesperson said in a statement to Business Insider. French Finance Minister Bruno Le Maire said earlier Monday the leaders would discuss a coordinated response to the respiratory illness COVID-19.

"There will be a concerted action," Bruno said on France 2 television."We must act so that this impact that we know will be important on growth, be as limited as possible."

COVID-19 has killed more than 2,800 in its epicenter of China and spread to at least 58 countries, according to the latest situation report from the World Health Organization. Governments and businesses have scrambled to contain its spread, disrupting business operations and raising broader concerns about the world economy.

Earlier Monday, the Organization for Economic Cooperation and Development warned the outbreak could cut its global growth forecast in half.