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"Global growth is projected at –3.0 percent in 2020, an outcome far worse than during the 2009 global financial crisis," the IMF said in World Economic Outlook released Tuesday. It added that there was "extreme uncertainty", and the situation could get much worse.

"For example, excavators are not just used for basic construction. They are also used in advanced projects such as wind power farms, industrial housing, smart city developments and medical equipment factories."

"Global peatlands cover only about three percent of global land area, but hold around 30 percent of the earth's soil organic carbon," said the study's author Zhuang Qianlai, a professor of earth, atmospheric and planetary sciences at Purdue University.

"Good-selling brands have good bargains from suppliers, and some are raising the prices of their cars a little bit, but the customers still love them," Wu said.

"For instance, many bike manufacturers now mainly produce bikes for bike-sharing platforms. Once platforms stop making new orders, manufacturers will be hit in the pocket."