The International Monetary Fund estimates governments and central banks around the world might spend $19.5 trillion to cushion the effects of the pandemic this year.

Governments have been scrambling to "put a floor" under their respective economies with varying successes, the International Monetary Fund said.

In its annual report this week, the International Monetary Fund claims governments have promised a combined $12 trillion in stimulus measures as of September. World central banks have already spent a combined $7.5 trillion.

Despite the unprecedented amounts in tax cuts, wage support, small business loans and cash payments, the world economy is still struggling. The International Monetary Fund said that the state of the world economy is worse when compared with that during the Great Depression.

Economic activity is at record lows and unemployment at highs in many parts of the world. The organization expects these numbers to remain worse than pre-pandemic levels throughout at least the next year.

"Countries now face a long ascent that will be difficult, uneven, uncertain and prone to setbacks," the International Monetary Fund's managing director Kristalina Georgieva said in the report.

Promising coronavirus vaccines may help but economic recovery is expected to be slow and arduous for most countries.

In the U.S., the release of new aid is expected to face challenges as the government transitions to a new administration. President Donald Trump's unwillingness to concede defeat might further delay the approval of new aid.

In Europe, debate over new measures might place added pressure on the region's recovery. The European Union is undecided on the release of its planned $950 billion coronavirus recovery fund - which is meant to be rolled out in January.

Economists said pulling government support too soon might threaten the strength and pace of economic recovery. This might be a risk for economies in the short term and a "self-defeating mistake."