US won’t be able to make treatment to meet demand

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This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 1,490,790
  • Global deaths: At least 88,982
  • US cases: More than 432,438
  • US deaths: At least 14,808

The data above was compiled by Johns Hopkins University.

8:04 am: IMF chief says pandemic will unleash worst recession since Great Depression

The pandemic sweeping the world will turn global economic growth “sharply negative” in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the head of the International Monetary Fund said.

IMF Managing Director Kristalina Georgieva painted a far bleaker picture of the social and economic impact of the new coronavirus than even a few weeks ago, noting governments had already undertaken fiscal stimulus measures of $8 trillion, but more would likely be needed.

She said the crisis would hit emerging markets and developing countries hardest of all, which would then need hundreds of billions of dollars in foreign aid. —Reuters

7:12 am: Former FDA chief: US won’t have capacity to produce COVID-19 therapeutic at scale

The U.S. might have an effective drug to treat the coronavirus by the fall, former Food and Drug Administration Commissioner Scott Gottlieb said, however the U.S. won’t have the manufacturing capacity to produce enough to meet demand.

“We may have an effective drug in the fall,” he said. “But we’re not going to have the capacity to produce it at scale to give it to the millions of people who might be eligible for it, who might need it.” —Will Feuer

Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer and biotech company Illumina.

7:01 am: Bill Gates says US could open back up at end of May

Bill Gates thinks the U.S. could begin to re-open the economy at the end of May, he said in an interview with CNBC’s Becky Quick. Before a vaccine is available, he said, countries that have had considerable epidemics must figure out which activities should come back. He suggested that people could probably return to manufacturing and construction jobs, and hopefully education.

“I don’t think going to big, say, public sports-type events, that the economic benefit relative to the risks, that will work out until we’re back in normal times,” he said.

Gates pointed to businesses in China coming back to life and activity returning in South Korea, one of the first countries to face a surge of coronavirus cases. He also suggested the economy would not magically revert to the way it was before the pandemic,  even once governments decide it’s safe to go back to work. —Matt Rosoff, Jordan Novet

6:15 am: Iran’s death toll rises by 117 to 4,110

Iran’s Health Ministry spokesman Kianush Jahanpur said the country’s death toll had risen by 117 to 4,110, according to Reuters. The total number of infections has reached 66,220, he said. —Holly Ellyatt

5:40 am: Spain’s daily deaths decrease; death toll surpasses 15,000

Spain’s number of daily coronavirus deaths slowed after two days of increases. Spain’s health ministry said 683 people died from the virus in 24 hours, taking the death toll to 15,238.

The total number of confirmed cases has now risen to 152,446 from 146,690. —Holly Ellyatt

4:50 am: UK leader Boris Johnson said to be ‘getting better’ as he spends a third night in intensive care

U.K. Prime Minister Boris Johnson spent a third night in intensive care in a London hospital having been admitted for persistent coronavirus symptoms, although his condition is said to be improving.

Culture Minister Oliver Dowden is the latest U.K. lawmaker to comment on Johnson’s condition, telling the BBC Thursday morning that the prime minister is “stable, improving, sat up and engaged with medical staff,” adding, “I think things are getting better for him.”

Johnson is receiving “excellent care” at St. Thomas’ Hospital in London where he is being treated, Finance Minister Rishi Sunak said at the government’s daily press briefing Wednesday afternoon. —Holly Ellyatt

4:20 am: Russia’s cases rise above 10,000

A police officer at the Iberian Gate in a deserted Red Square during the pandemic of the novel coronavirus (COVID-19).

Valery Sharifulin

Russia has reported a record one-day rise of 1,459 new coronavirus cases, making the total number of confirmed cases 10,131.

The number of coronavirus-related deaths rose by 13 to 76, the national coronavirus crisis response center said, adding that it had conducted 1 million tests. —Holly Ellyatt

Read CNBC’s coverage from CNBC’s Asia-Pacific and Europe teams overnight here: Russia’s cases rise above 10,000; Italy could ease lockdown soon

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