National economies under duress; a plea for help from retail

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to the global economy, the work place and the spread of the virus.

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CENTRAL BANKS AND GOVERNMENT: The coronavirus pandemic has skewered almost all economic models, cutting growth projections and necessitated trillions of dollars of capital infusions.

— Finland has slashed growth expectations. After projecting a 1% expansion for 2020 GDP late last year, the nation's finance ministry now anticipates a contraction of at least 5.5%. But Finnish economists say that retreat could hit 12% if lockdowns continued for another six months.

— The International Monetary Fund has given Pakistan $1.5 billion in emergency financing to help bolster its sagging balance of payments and absorb some of the economic impact. Pakistan has been handing out 12,000 rupees (roughly $70) to more than 10 million families hit hardest by a month-long lockdown.

— India’s central bank on Friday reduced its interest rate by 25 basis points, from 4% to 3.75% to shore up the stalled economy and ease financing. The Reserve Bank of India governor Shaktikanta Das said India is expected to post a sharp turnaround and resume its growth trajectory by growing at 7.4% in 2021-22.

India’s economy is seen heading for a major contraction after a nationwide lockdown for almost all of the nation’s 1.3 billion people was extended to 40 days.

SOCIAL MEDIA DISTANCING: Social media companies have actively sought to quash misinformation that has led to dangerous behavior. However, the pandemic has disrupted internal operations across the entire tech sector.

— Facebook employees are being told to work remotely until at least the end of May. In a...