Top headlines: 3% global GDP contraction projected; crude oil to struggle

From Morgan Stanley seeing a 3% contraction in global GDP to air passenger traffic projected to stay below 25%, here are the top headlines of the day

Morgan Stanley sees 3% contraction in global GDP; 12% dip in MSCI EM index

Morgan Stanley expects global economic growth as measured by gross domestic product (GDP) to contract by 3 per cent in 2020 before rebounding to 5.9 per cent in 2021. As regards India, Morgan Stanley sees no growth (0 per cent) for 2020, but expects it to rebound sharply to 7.7 per cent in 2021, which makes India the fourth fastest growing economy in the Asia ex-Japan region – only behind Philippines (2021e GDP growth at 12.6 per cent), Malaysia (9.6 per cent) and China (9.2 per cent).