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"Facing raging infectious diseases such as COVID-19, no country would be able to go unscathed," said Ren Lin, head of the institute's Department of Global Governance.

"Even in the best-case scenario of limited outbreaks in countries outside China, a sharp slowdown in world growth is expected in the first half of 2020 as supply chains and commodities are hit, tourism drops and confidence falters," the Paris-based group said in a report.

"Developing countries, however, find it hard to inject liquidity into their systems, and they can borrow only from outside," Jin said.

"Employment growth is still set to lag the recovery in broader economic activity over the coming months given its greater exposure to the services sectors worst affected by the pandemic," Andrew Hunter, senior US economist at Capial Economics, said in a research note.

"Enterprises participating in the Belt and Road Initiative should choose projects based on market rules and the principles for conducting sustainable business. We must be prudent against commercially unsustainable projects and make sure that our projects are market-oriented and profitable," Li said.