Stock markets around the world suffered huge losses last week as COVID-19 spread to over 50 countries, wiping trillions of dollars off share values.

In Australia - which recorded its first coronavirus death on Sunday - shares look set for a weak opening on Monday after Wall Street again fell sharply on Friday, albeit paring its losses by the close.

"You are starting to see markets reassess the chances of a much weaker and potentially dramatic fall in global growth," JP Morgan chief economist Sally Auld told ABC television on Sunday.

"The way markets are reacting, they are starting to price in the chance of a global recession."

Last week, Australia's S&P/ASX200 index lost 697.8 points, or 9.77 per cent, for its second-worst string of losses and exceeded only by a 15.65 per cent dive in October 2008 during the global financial crisis.

Shadow treasurer Jim Chalmers says Labor is willing to back a long-overdue economic stimulus package in the face of a worsening COVID-19 crisis.

Prime Minister Scott Morrison hinted last week the government is putting together assistance for the likes of the tourism sector, which is suffering due to the travel ban on Chinese visitors in an attempt to contain the virus.

"We've always acknowledged that the impacts of the coronavirus on the economy will be substantial," Dr Chalmers told Sky News.

"If the government comes forward with a plan specifically to support businesses and workers during the fallout from the coronavirus, we will obviously look at that and support it if it's good."

Health Minister Greg Hunt said the government is considering "targeted action".

"The prime minister is working with the treasurer, the secretary of Treasury and appropriate sectors in identifying priorities," Mr Hunt told reporters in Melbourne.

"We are in the fortunate position that having brought the budget back into balance, that we are well prepared economically."

But Dr Chalmers said the Australian economy was quite weak even before the coronavirus outbreak and this summer's bushfires.

"The treasurer (Josh Frydenberg) unfortunately wants people to forget that growth was already slowing and wages were already stagnant," he said.

"We've had some long-standing problems in the economy which pre-date these challenges which have popped up recently."

The December quarter national accounts are due for release on Wednesday.

Economists' forecasts centre on a slim 0.4 per cent rise in the quarter, lifting the annual rate slightly to two per cent, but still well below its long-term trend.

Australian Associated Press