The primary forecast now is for a quick recovery of China's economy as factories gear back up to make up for lost time and warehouses are re-supplied, said Fund Managing Director Kristalina Georgieva.

"In terms of scenarios, the more most likely scenario we now view is a V shaped impact. In other words, sharp decline in economic activities in China, followed by a rapid recovery and a total impact on China relatively contained. Therefore, impact on the world economy also contained," she said.