"Uncertainty remains high" and "central banks may need to take preemptive action," the Fund warns in its latest World Economic Outlook.
It is still "appropriate to maintain" near-zero interest rates even though inflation "has increased notably this spring."
Economists' thoughts on when exactly the recession will end vary, with 35% expecting the current recession to end in the second half of 2020.
“The euro area economy is experiencing an unprecedented contraction," the ECB said as it provided additional stimulus through emergency bond buying.
But downside risks to growth remain high as the spread of the coronavirus and duration of lockdowns remain “highly uncertain."
“The virus risks giving a further blow to a global economy that was already weakened by trade and political tensions."
“There are no recent precedents to guide any policy response to the current situation," the Federal Reserve chairman warns.
Good news: U.S. banks' funding costs are falling. Bad news: the European Central Bank prepares to make new asset purchases.
The new nominations come after Trump’s previous nominees, Stephen Moore and Herman Cain, both withdrew from consideration.
Amid "pervasive uncertainty" over trade, "the ECB and the U.S. Federal Reserve appear to have given up on plans to tighten [monetary] policy."
Policymakers still appear to have left themselves "some wiggle room” in determining monetary policy for the rest of 2019.
Fed veterans are concerned Trump is seeking to reshape the central bank with political loyalists Herman Cain and Stephen Moore.
