A research institute has projected that global growth plunged to an eleven-year low in the first quarter due to the novel coronavirus pandemic.

In a report released on Tuesday, Bloomberg Intelligence forecast the global economy to have expanded one-point-three percent on-quarter between January and March.

It is the smallest growth since the first quarter of 2009 when the world was in the midst of the global financial crisis.

According to the report, global growth was four-point-two percent in January, just before the pandemic began accelerating. It then hit point-one percent in February, before it is estimated to have posted negative point-five percent in March.

The research arm of Bloomberg expected growth forecasts to dip further in the coming months amid state movement restrictions as a preventive measure against the virus.