MACRO ECONOMIC NEWS

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Macro Economic News 15 Apr 2020

IMF opines Asia as the only region to see positive growth in 2020 while the world may witness the worst recession since Great Depression. Britain's economy could shrink by 13% this year due to the government's coronavirus shutdown, its deepest recession in three centuries, and public borrowing is set to surge to a post-World War Two high. President Donald Trump said he is close to completing a plan to end the coronavirus shutdown and reopen the battered U.S. economy with some parts of the country likely to be ready to go before May 1. The Group of Seven countries—the world’s largest advanced economies—said they would support an initiative to suspend the debt payments of the world’s poor countries, so long as the initiative is taken up by a broader group of nations. India will allow opening up of some industries in rural areas after April 20 to reduce the distress caused to millions of people because of a prolonged lockdown to halt the spread of coronavirus, the government said. IMF cuts India GDP growth to 1.9%, while Barclays slashes India growth in calendar 2020 to 0%.

FINANCIAL TIMES

[I]  World economy set for heaviest blow since Great Depression

[I]  Advertising slump leads to cuts at digital and print media alike 

[I]  European governments scramble to find farm workers for harvest

[I]  G7 countries back debt relief for poorest nations

[I]  South Africa’s central bank slashes rates to post-apartheid low

[I]  China recorded trade surplus after easing of coronavirus lockdown

[I]  Europe and the US need a soft economic restart

REUTERS

[I]  India permits resumption of some industries in rural areas from April 20

[I]  Global economy in 2020 on track for sharpest downturn since 1930s: IMF

[I]  Most small UK companies have no pandemic insurance - watchdog

[I]  French anti-crisis package to cost 110 billion euros: finance minister

[I]  U.S. may need to extend social distancing for virus until 2022, study says 

[I]  UK economy could shrink by the most in 300 years in 2020

[I]  Trump says close to plan to reopen economy possibly, in part, before May 1

BLOOMBERG 

[I]  IMF Sees Great Lockdown Recession as Worst Since Depression

[I]  Oil Weighed Down After 10% Drop on Lingering Demand Fears

[I]  China Adds Liquidity, Trims Rates Ahead of Poor GDP Data

[I]  Worst-Case Fears of 20%-Plus U.S. Jobless Rate Are Now Realistic

[I]  World Economy Working From Home Gets a Glimpse of the Virtual Future

[I]  Singapore Home Sales Set for Harder Hit as Lockdown Tightened

WALL STREET JOURNAL

[I]  A Second Round of Coronavirus Layoffs Has Begun. Few Are Safe.

[I]  World Economy Is Almost Certainly in Recession

[I]  G-7 Countries Back Debt Relief for Poorest If G-20 Join

[I]  The Coronavirus Economic Reopening Will Be Fragile, Partial and Slow

[I]  Coronavirus Hit on China Trade Eases, but Export Outlook Is Bleak

[I]  Fed’s Evans Unworried Coronavirus Effort Will Boost Moral Hazard

BUSINESS LINE

[I]  IMF cuts India GDP growth to 1.9%, projects sharp contraction in global economy

[I]  Lockdown extended: But where are the big bang fiscal stimulus measures?

[I]  Delay in lockdown relaxation would hurt business, jobs: FIEO

[I]  Barclays slashes India growth in calendar 2020 to 0%

ECONOMIC TIMES

[I]  RBI is ready to give India more cover fire

[I]  India Inc wants govt to unlock industry, hope

[I]  Dollar nurses losses as hopes of pandemic peak support risk appetite

[I]  Global private equity companies oppose force majeure call

[I]  Electronic documents for clearing imports allowed: CBIC

[I]  Labour ministry sets up 20 control rooms under CLS to address wage related grievances

BUSINESS STANDARD

[I]  Wheat procurement season kicks off amid Covid-19 crisis, lockdown curbs

[I]  Realty developers may see a 20% fall in housing prices, says Deepak Parekh

[I]  Covid-19 crisis: PM, FM to finalise details of second stimulus package soon

[I]  India plans to fill strategic oil storage by third week of next month

[I]  As migrants grow restless in lockdown, govt weighs cash transfer option

[I]  RBI wants banks to take call on package, moratorium extension for NBFCs

Best Regards, ARBIND

15 Apr 2020