However, the "risks are still to the downside, as the pandemic might last longer and be more widespread than we currently envisage. For example, we estimate a lockdown of four months could lower eurozone GDP by up to 10 percent this year," S&P analysts wrote.

The British government has announced that it will provide 330 billion pounds (about 399 billion U.S. dollars) of loans to businesses to support firms to get through the difficult moments as the coronavirus outbreak escalates in the country.

Earlier, it pledged a 30-billion-pound stimulus plan to shore up the country's economy amid the COVID-19 outbreak in its first post-Brexit budget, as well as funding grants of up to 25,000 pounds for small businesses.

The government is offering self-employed people 80 percent of wages for at least three months, up to 2,500 pounds (3,034 U.S. dollars) a month, a move to help them get through the challenging time amid the coronavirus outbreak.

"We must do whatever it takes to support the economy," said Prime Minister Boris Johnson. (1 euro = 1.09 U.S. dollars)

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