Leaders of the Group of Seven industrialized nations said they will do "whatever is necessary" to ride out the coronavirus pandemic shock, ranging from deploying fiscal measures to supporting efforts to develop a vaccine.

The announcement late Monday followed the first-ever G7 summit via videoconference, which took place amid growing fears that the U.S. and other economies could be tipped into a recession as tougher border controls are instituted and more businesses are shuttering to stem further spread of the COVID-19 disease.

"We are committed to doing whatever is necessary to ensure a strong global response through closer cooperation and enhanced coordination of our efforts," the leaders said in a joint statement. "While current challenges may require national emergency measures, we remain committed to the stability of the global economy.