Coronavirus briefing: Continued fast case growth in South Asia
Coronavirus briefing: Continued fast case growth in South Asia

The epidemic

  • New cases remain stable in Russia and the US and continued to decline slightly in the EU.
  • Fast case growth has continued in India, Pakistan, and Bangladesh. Hospitals in Pakistan have warned that they are running out of beds and respiration machines.
  • Daily cases have remained stable in Japan and South Korea but stagnate at around 40 per day. Singapore cases remain elevated in comparison but have declined somewhat.
  • The WHO warned that the global coronavirus situation is still deteriorating.
  • Swedish cases declined slightly but continue to trend up, which experts associate with increased testing in the whole country.
  • Sweden’s deaths have continued to trend down, and excess deaths have declined towards normal levels according to Statistics Sweden. The numbers of patients in hospitals and intensive care remain stable.

Policy

  • Poland closed down its coal mines after an increase in new cases.
  • The UK prime minister’s spokesman commented that the government’s plan was to open non-essential shops from June 15 and outdoor spaces in restaurants and bars from July 4.
  • Moscow will start to lift remaining restrictions on most services from today. Restaurants may open terraces from next week and kindergartens from June 23.
  • Denmark loosened the limit on meetings from 10 to 50 people and plans to loosen them further to 100 in July and 200 in August.
  • The Fed expanded its Main Street Lending Program to cover more small businesses.

Economic effects

  • The Swedish GDP indicator showed a decline of 7.3% in activity in April compared to the same period last year, driven by weak exports and consumption. The decline was less steep than expected, with support from a weakness in imports.
  • Swedish weekly labour market data from PES showed an increase in the number of redundancies from the previous week to 3060. The data now implies unemployment at around 8.6%.
  • German data shows that the country’s industrial production fell by almost 18% from March in April, a historically sharp decline. 


PDF-Document Read the full analysis/report here (pdf)


Maija Kaartinen 
Economist 
Swedbank AB (publ) 
SE-105 34 Stockholm 
Phone: +46 8 700 92 73 
research.swedbank.se 


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