Growth
UK economy faces 30% contraction in Q2
NIESR estimate comes as official GDP figures show sharp decline in opening stages of lockdown
RBNZ nearly doubles asset purchase programme
Policy-makers aim to front-load stimulus as economy faces “significant and unprecedented decline”
Scale of Covid-19 impact shows up starkly in US stats
All of the US’s key macroeconomic indicators point to a dramatic slump
Could engineering higher inflation help manage fiscal deficits?
Fiscal and monetary co-ordination could be a workable option for the Covid-19 recovery, Chicago Fed paper finds
Sri Lankan central bank looks back at ‘dismal’ year
Economy was just recovering from terrorist attacks when Covid-19 hit, CBSL says
Strict lockdown could cause 37% quarterly GDP contraction – RBNZ
Assessment shows impact of containment measures on New Zealand’s economic output
CBRT battles external imbalance with dwindling reserves
Turkish central bank loses battle to keep lira under 7 as reserves shrink, but pressures may be easing
RBA holds rate and reveals forecast scenarios
Cash rate target remains at 0.25%; RBA maintains three-year bond yield target at 0.25%
Dominican Republic governor opposes ‘inadmissible’ pension proposal
Allowing workers to withdraw savings could create long-term crisis, Héctor Valdez Albizu warns
Bank Negara Malaysia cuts rate as global outlook darkens
Fresh easing measures come as central bank foresees “particularly challenging” first half of year
MAS rolls out second relief package for individuals
Individuals can defer repayments of student and car loans as MAS aims to ease debt burden amid growing uncertainty
Lower refinancing can dampen economic recovery – Fed research
US mortgage refinancing activity remained muted after falling during 2008 crisis, researchers find
Debts, deficits, central banks and inflation
Forrest Capie and Geoffrey Wood ask what insights history can provide for central banks and governments managing abrupt, large increases in debt
Covid-19 could cut eurozone GDP by 5%, 8% or 12% in 2020 – ECB
ECB publishes alternative scenarios for the uncertain economic outlook created by the pandemic
Can growth in developing Asia be made more sustainable?
The structure of the global economy will be reshaped by Covid-19, and what happens in Asia will be crucial, writes Philip Turner
Fed predicts ‘unprecedented’ economic shock
Policy on hold as Q2 may see data “worse than any data we have seen”, Powell warns
Private sector banker appointed Bank of Namibia chief
President acknowledges long-standing deputy might have felt “passed over” for role
Lowe tells Australians to prepare for biggest contraction since 1930s
Uncertainty and movement restrictions have hampered spending and increased unemployment
Mass testing ‘would end crisis’ – Bullard
Government should foot bill for Covid-19 test production, Bullard says
Canadian governor sees ‘robust’ recovery in third quarter
Poloz says major shock to growth will probably be followed by “swift” recovery
Trump’s NAFTA replacement could harm car production – Dallas Fed research
Authors say Mexico could face biggest loss from USMCA deal
Policy-makers making risky ‘one-round bet’ on Covid-19 – El-Erian
Former Pimco chief worried about readiness and ability of policy-makers to tackle a ‘second wave’ of infections
Bank of Canada unveils new purchasing programmes
Monetary policy report analysis shows economy could shrink by roughly 30% in Q2
IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, a combined loss of output of $9 trillion for 2020 and 2021