2020 Depression, 20% U.S. Jobless, Developed World Help: Eco Day

(Bloomberg) -- Welcome to Wednesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• The IMF predicted the “Great Lockdown” recession would be the steepest in almost a century and warned the world economy’s contraction and recovery would be worse than anticipated
• What started as the worst-case scenario for U.S. unemployment is quickly becoming reality. Some economists see the jobless rate surging to 20% -- and there’s no guarantee it would stop there
• The world’s top industrial economies backed plans to help shield emerging and developing markets, although divisions remain over whether to provide the IMF with more resources
• St. Louis Fed chief James Bullard said the U.S. economy should recover strongly in the second half of 2020 if the government and businesses respond forcefully
• BOJ Governor Haruhiko Kuroda emphasized his intention to ease policy further if necessary to his G-7 counterparts on Tuesday
• China’s trade performed better than expected in March, but economists said the full impact of the shutdowns rippling across the global economy are yet to be felt
• Europe’s leaders are sketching out strategies for reactivating economies, with Germany poised to look at easing restrictions and Denmark ready to reopen schools
• A protracted lockdown could see the U.K. economy shrink by more than a third this quarter, increasing unemployment by over 2 million and sending the budget deficit to its highest since World War II
• As Stephen Poloz goes into his penultimate policy decision as Bank of Canada governor on Wednesday, economists are trying to gauge the size of his spending spree
• Wall Street’s interpretation of economic data has always been a curious thing. There are times when bad reports are bad news, and times when bad is good
• The world may be falling into its worst recession in almost a century but one tiny South American economy is still forecast to grow 53%
• Some battleground states crucial to President Donald Trump’s political future are being hard hit by the coronavirus, a development that could decimate his central argument for re-election
• The lockdown gripping much of the world economy has spurred a real-time stress test of the digital future, writes Enda Curran

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