Economic Elevator, India’s Workers, Australia Alphabet: Eco Day

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

• The world economy is entering the second half still deeply weighed down by the pandemic with a full recovery now ruled-out for this year and even a 2021 comeback dependent on a lot going right
• A mass exodus of workers that followed India’s harsh lockdown is forcing businesses to review their labor policies as they try to lure the people back with incentives as the economy reopens
• Economists are divided on the outlook for Australia’s recovery: many see a U-shaped, while a growing number see a W-shaped. Both support the RBA view interest rates will remain low for a long time
• Already scarred by the global financial crisis a decade ago, a generation of younger people is bearing the economic brunt of the coronavirus. Even billions of dollars in fiscal stimulus is struggling to cushion the blow as the pandemic worsens generational inequality
• Asia’s composite PMIs point to notable improvement across economies, writes Chang Shu, while noting a virus ceiling ahead
• Australia’s immigration program, a key factor in a record stretch without recession, is under threat amid calls for the nation to turn inward while it recovers from the pandemic
• The coronavirus is inflicting a price shock on low income Americans that risks further driving up inequality
• The pandemic has permanently changed European economic policy, locking in a more extensive set of monetary tools and forcing the creation of a powerful joint fiscal plan, according to European Central Bank policy maker Francois Villeroy de Galhau
• Child labor could be on the rise as world food demand falters, the latest ugly turn of the pandemic

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