Billion Jobs Hit, Beijing GDP Debate, Trump Reopens Talk: Eco Day

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

• The “deep, far-reaching and unprecedented” impact on employment could see more than 1 billion workers at high risk of a pay cut or losing their job, according to the ILO
• Chinese economists and officials are engaging in a previously unimaginable debate: should Beijing drastically reduce its growth target or even abandon it altogether?
• The White House is developing plans to reopen the U.S. economy, but that requires testing far more Americans. Meanwhile, Democrats want the Fed to buy all types of municipal debt, regardless of rating, to help ease the impact on state and local governments
• Former Fed chief Ben Bernanke says he doesn’t see a quick, sharp rebound in the American economy
• Prime Minister Boris Johnson remained in intensive care while his deputy tried to reassure Britain that the battle against coronavirus was under control even as the daily death toll rose to a record
• The ECB’s decision to accept junk-rated Greek government bonds as collateral allows Greece to finance its fight against the coronavirus
• Almost 40% of oil and natural gas producers face insolvency within the year if crude prices remain near $30 a barrel, according to a new survey by the Kansas City Fed
• Italy is beginning to look at easing its lockdown, following similar moves by Denmark and Austria, as governments seek to revive economies without risking a second wave of infection
• Waves of job losses among overseas workers and international border closures are sapping the $690 billion annual flow of global remittances when emerging economies need hard currency

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