Rising infection rates would further impede global sentiment, heightening asset price volatility and tightening financing conditions, which could snowball into a deeper economic contraction. A number of governments have already announced measures to cope with the impact of the coronavirus, and Moody's expects there will be more fiscal stimulus as the extent of the economic fallout becomes clearer. However, some governments — mainly frontier markets — may be constrained by their high indebtedness and limited access to funding. Pakistan is among them owing to more than 80pc of GDP debt burden and weaker fiscal balances, it noted. At the same time, Moody's noted significant economic fallout from more rapid and wider spread of the coronavirus as dampening domestic consumption demand in affected countries exacerbates disruptions to supply chains and cross-border trade of goods and services.