Although most emerging countries are equipped with sound macroeconomic policies and financial tools for dealing with normal economic tremors, in the face of a worldwide pandemic, they have evidently fallen short.

The coronavirus pandemic has thrown the entire world into an age of uncertainty unseen in living memory.

Last month saw a host of governments scramble to draw up economic rescue packages, along with central banks stepping in with expansionary monetary plans to plug sinking world markets.

To many economists, the coronavirus crisis now facing the world is quite different from the 2008 economic crisis at its very roots.

Read more: Emerging economies face acute threat from COVID-19 crisis