April 28, 2020 / 2:04 PM / a month ago

BRIEF-Moody's Says Global Recession Is Deepening Rapidly As Restrictions Exact High Economic Cost

April 28 (Reuters) - MOODY’S:

* MOODY’S SAYS GLOBAL RECESSION IS DEEPENING RAPIDLY AS RESTRICTIONS EXACT HIGH ECONOMIC COST

* MOODY’S SAYS OIL PRICES TO REMAIN LOW IN 2020 AND LIKELY MOVE UP ONLY GRADUALLY IN 2021 AS DEMAND RECOVERS

* MOODY’S SAYS CORONAVIRUS PANDEMIC WILL DRIVE A DEEP RECESSION IN 2020 AND LEAVE SOME LONGER TERM MARKS ON GLOBAL ECONOMY

* MOODY’S SAYS IT EXPECTS G-20 ADVANCED ECONOMIES AS A GROUP TO CONTRACT BY 5.8% IN 2020

* MOODY’S SAYS EVEN WITH A GRADUAL RECOVERY, 2021 REAL GDP IN MOST ADVANCED ECONOMIES IS EXPECTED TO BE BELOW PRE-CORONAVIRUS LEVELS

* MOODY’S SAYS OIL DEMAND WILL GRADUALLY IMPROVE IN THE SECOND HALF OF THE YEAR IN TANDEM WITH A RELAXATION OF SOCIAL DISTANCING MEASURES

* MOODY’S SAYS CONTRACTION IN ECONOMIC ACTIVITY IN SECOND QUARTER WILL BE SEVERE AND OVERALL RECOVERY IN SECOND HALF OF YEAR WILL BE GRADUAL

* MOODY’S SAYS CHINA’S ECONOMY IS FORECASTED TO GROW BY 1.0% IN 2020

* MOODY’S SAYS LONGER OR REPEATED SHUTDOWNS WOULD SEVERELY HARM THE REAL ECONOMY, WITH THE POTENTIAL TO TRIGGER A FINANCIAL CRISIS

* MOODY’S SAYS IT EXPECTS OIL PRICES TO REMAIN LOW, WITH BRENT AVERAGING $35 PER BARREL AND WTI SPOT AT $30 PER BARREL FOR 2020 Source text for Eikon:

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