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While hosting <a href="https://www.cnbcafrica.com/videos/2020/04/09/afdb-announces-10bn-war-chest-to-fight-covid-19/">African Development Bank</a> (AfDB) President Akinwumi Adesina on a courtesy visit at State House on Tuesday, Nigerian President <a href="https://www.cnbcafrica.com/videos/2020/06/01/grading-buharis-economic-performance-over-the-past-5-years/">Muhammadu Buhari</a> said the country will support Adesina in his bid to get re-elected as President of the multilateral bank.



This follows several <a href="https://www.cnbcafrica.com/west-africa/2020/06/01/stop-this-culture-of-frivolous-allegations-former-world-bank-treasurer-arunma-oteh-defends-african-development-bank-president/">allegations of misconduct</a> against Adesina at the financial institution, of which he has denied.



The following statement provides further details:



PRESIDENT BUHARI TO AfDB PRESIDENT, ADESINA: I’LL STAND BY YOU



President Muhammadu Buhari says Nigeria will stand solidly behind Dr Akinwumi Adesina in his bid to get re-elected as President of the African Development Bank (AfDB)



The President spoke at State House, Abuja, Tuesday, while hosting Dr Adesina on a courtesy visit.



“In 2015, when you were to be elected for the first term, I wrote to all African leaders, recommending you for the position. I didn’t say because you were a People’s Democratic Party (PDP) Minister, and I belonged to the All Progressives Congress (APC), so I would withhold my support. I’ll remain consistent with you, because no one has faulted the step I took on behalf of Nigeria,” said President Buhari.



The President pledged that Nigeria would work with all other leaders and stakeholders in AfDB to ensure that Dr Adesina was elected for a second term built on the record of his achievements during his first term.



The African Union had already endorsed the incumbent AfDB President as sole candidate for the continent, but some other stakeholders are trying to ensure that Dr Adesina is re-investigated on some allegations, and rendered ineligible to run.



Giving a background to what was happening in the bank, Dr Adesina, a former Nigerian Minister for Agriculture, said the 16 allegations raised against him were trumped up, “and without facts, evidence, and documents, as required by the rules and regulations of the bank.”



He added that the Ethics Committee of the bank cleared him of all the allegations, and calls for fresh investigation by the United States of America, were against the rules.



“My defense ran into 250 pages, and not a single line was faulted or questioned. The law says that report of the Ethics Committee should be transmitted to the Chairman of Governors of the bank. It was done, and the governors upheld the recommendations. That was the end of the matter, according to the rules. It was only if I was culpable that a fresh investigation could be launched. I was exonerated, and any other investigation would amount to bending the rules of the bank, to arrive at a predetermined conclusion,” Dr Adesina said.



Stressing that the motive was to soil his name, and that of the bank, the AfDB President said he was proud to be Nigerian, and thanked President Buhari for his unflinching support.



“You helped me to get elected in the first place, and you have supported me robustly all along, and the African Union unanimously endorsed my re-election” he declared.



While commiserating with President Buhari on the death of the former Chief of Staff, Mallam Abba Kyari, Dr Adesina described Professor Ibrahim Gambari, new Chief of Staff as “a man of integrity, and of global standing.”

President Buhari to AfDB President Adesina: “I’ll stand by you”

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Everyone has their own way of relieving pandemic stress – Bethenny Frankel, for example organizes her home, while Kevin O’Leary takes long bike rides.



For billionaire <a href="https://www.cnbcafrica.com/news/2020/05/15/bill-gates-i-wish-i-had-done-more-to-warn-world-about-pandemic-danger/">Bill Gates</a>, reading and watching TV and movies helps “stem the tide” of anxiety amid the <a href="https://www.cnbcafrica.com/videos/2020/06/01/covid-19-lock-down-this-is-how-much-sas-alcohol-ban-cost-the-economy/">Covid-19</a> pandemic, he said in a blog post on May 18.



“I’m often asked about what I am reading and watching—either because people want to learn more about pandemics, or because they are looking for a distraction,” wrote Gates.



Gates has long been involved in global health research and whose Bill &amp; Melinda Gates Foundation has donated over $250 million toward Covid-19 relief efforts. (Gates has also been the butt of meritless Covid-19 conspiracy theories.)



“Lately, people have been asking me for movies and shows I’d recommend during this difficult period,” he said.



Here is Gates’ list of “Movies and shows for when you need a break,” including everything from comedies to crime dramas.



<h2 class="wp-block-heading">‘Spy Game’</h2>



“On the much more escapist front, a few weeks ago I re-watched one of my favorite movies, ‘Spy Game,’” Gates wrote of the 2001 action movie starring Robert Redford and Brad Pitt.



“Not a lot of people have heard of ‘Spy Game,’ but I’ve probably seen it 12 times,” he said.



The thriller follows a veteran CIA agent whose protege is arrested in China for espionage, but “it has lots of good surprises, so I don’t want to spoil the plot for you,” he wrote.



<h2 class="wp-block-heading">‘A Million Little Things,’ ‘This Is Us’ and ‘Ozark’</h2>



Next, Gates recommends three of the drama series that he and his wife, Melinda, “are keeping up with”: ABC’s “A Million Little Things,” NBC’s “This Is Us,” and Netflix’s “Ozark.” 



“A Million Little Things” follows a group of friends (played by Romany Malco, David Giuntoly, Grace Park, among others) bonding and reflecting on their lives after a close friend dies by suicide.&nbsp;



“This Is Us,” stars Milo Ventimiglia, Mandy Moore, Justin Hartley, Chrissy Metz and Sterling K. Brown and&nbsp;chronicles the ups and downs in the lives of the Pearson family from the 1980s and into the future.



“Ozark” stars Jason Bateman as a father who flees with his family to Missouri after laundering money, where he and his wife, played by Laura Linney, start a new life of crime.&nbsp;



<h2 class="wp-block-heading">“Pandemic: How to Prevent an Outbreak”</h2>



Gates had been consistently warning of a looming pandemic for years before the novel coronavirus SARS-CoV-2, the virus that causes Covid-19, reared its ugly head.



In fact, Gates’ foundation has funded one of the influenza <a href="https://www.cnbcafrica.com/southern-africa/2020/05/19/ipasas-konji-sebati-on-the-global-search-for-the-covid-19-vaccine/">vaccine</a> start-ups featured in “Pandemic: How to Prevent an Outbreak.” 



“This documentary series on Netflix introduces you to four people who are working super-hard in different parts of the world to prevent epidemics,” he said.



Since the series was filmed “some time ago,” i.e., pre-Covid-19, it focuses on the flu, which was previously “widely regarded as the most likely culprit for a big outbreak,” according to Gates.



“But ‘Pandemic’ still gives you a sense of the inspiring work that heroic doctors, researchers, and aid workers are doing to prevent the very thing we’re all going through right now.”



<h2 class="wp-block-heading">“I, Claudius”</h2>



Last, Gates recommends something on his own “to watch” list.



“I’m planning to finally watch ‘I, Claudius’—a 1970s BBC series set during the Roman empire—after reading a rave review in The Economist,” he wrote. 



The series highlights the reigns of the Roman emperors Augustus, Tiberius, Caligula and Claudius, based on the novel by Robert Graves. Claudius narrates the drama, with the series told by his point of view.



“I’ve read a lot about the Roman times, but this series sounds like an interesting look at the era.”



Disclosure: NBCUniversal is the parent company of CNBC.



This article was first published on CNBC Make It <a href="https://www.cnbc.com/2020/05/28/bill-gates-recommends-movies-and-tv-shows-for-when-you-need-a-break.html?__source=newsletter%7Cmakeit">https://www.cnbc.com/2020/05/28/bill-gates-recommends-movies-and-tv-shows-for-when-you-need-a-break.html?__source=newsletter%7Cmakeit</a> and is republished with its permission.



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

Billionaire Bill Gates: 6 movies and TV shows to help relieve pandemic stress

Report by Kathleen Elkins



Self-made billionaire and Microsoft co-founder Bill Gates doesn’t recommend many business books.



“In my experience, it is rare to find one that really captures what it’s like to build and operate an organization or that has tips you could really put into practice,” he writes on his blog, GatesNotes.



But there’s a new business book that, unlike most others, is actually worth your time, he says: “The Ride of a Lifetime” by former Disney CEO Robert Iger. Gates has already suggested the 2019 memoir to a handful of friends and colleagues, including current Microsoft CEO Satya Nadella.



Iger, who took over Disney in 2005 and retired in 2020, “does a great job explaining what it is like to be a CEO,” writes Gates. He’s “able to take you inside the workings of a massive media company and show how he thought about building on its strengths and shoring up its weaknesses.”



Even if you don’t have any interest in the business world, it’s entertaining and worthwhile, he adds. “I think anyone would enjoy this book, whether they’re looking for business insights or just want a good read by a humble guy who rose up the corporate ladder to successfully run one of the biggest companies in the world.”



While Gates praises it as “one of the best business books I’ve read in several years,” it’s not his No. 1. His all-time favorite remains “Business Adventures” by John Brooks. “Whenever someone asks me to recommend one book on business, that’s the one I suggest most often,” Gates says. 



A lot has changed in the business world since the 1960s, when the book was originally published, but the fundamentals of building a strong organization have not, says Gates. Brooks’ insights are just as relevant today.



This article was first published on CNBC Make It <a href="https://www.cnbc.com/2020/05/31/which-business-book-is-bill-gates-recommending-to-colleagues.html">https://www.cnbc.com/2020/05/31/which-business-book-is-bill-gates-recommending-to-colleagues.html</a> and is republished with its permission.

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<h3 class="wp-block-heading">Key Points:</h3>



<ul class="wp-block-list"><li>Remittance flows to low and middle-income countries (LMICs) are projected to fall by almost 20% in 2020, one of the sharpest declines in history, according to the World Bank.</li></ul>



<ul class="wp-block-list"><li>Sub-Saharan Africa is projected by the World Bank to suffer a 23.1% decline in remittances over the course of 2020. The region has the highest remittance costs, with the average transfer of $200 charged at about 9%.</li></ul>



The <a href="https://www.cnbcafrica.com/east-africa/2020/05/28/how-covid-19-is-impacting-funding-for-african-start-ups/">coronavirus</a> pandemic is leaving migrant workers unable to send money or goods home to families, cutting off a vital lifeline for communities already under siege from a barrage of external shocks.



<a href="https://www.cnbcafrica.com/east-africa/2020/05/21/covid-19-takes-toll-on-ssa-diaspora-remittances/">Remittance</a> flows to low and middle-income countries (LMICs) are projected to fall by almost 20% in 2020, one of the sharpest declines in history, according to the World Bank.



The coronavirus pandemic has led to mass unemployment and hammered wages in the U.S. and Europe, key destinations for migrant workers, leaving many unable to send money home.&nbsp; A number of major European countries have introduced furlough schemes to partially subsidize wages for those unable to work, but many of those in less formal employment have still found themselves without income. For workers in the U.S., there is less of a social safety net, which has led to more than 40 million Americans filing for unemployment since the pandemic was declared in mid-March.



<a href="https://www.cnbcafrica.com/news/2020/04/09/covid-19-drives-sub-saharan-africa-toward-first-recession-in-25-years-world-bank-report/">Sub-Saharan Africa</a> is projected by the <a href="https://www.cnbcafrica.com/east-africa/2020/05/21/world-bank-approves-500mn-to-aid-africas-fight-against-locust-plague-covid-19/">World Bank</a> to suffer a 23.1% decline in remittances over the course of 2020. To compound the tighter financial conditions for African migrant workers, in the first quarter of 2020, the region continued to have the highest average remittance costs, with the average transfer of $200 charged at about 9%.



Even for those who have maintained the financial capability to transfer money, lockdown measures have impacted access to MTOs (money transfer operators) in receiving countries.



Oxfam and around 90 other NGOs, academics and aid workers recently penned a letter to international bodies documenting the impact of the plunge in remittance payments in Somalia, in particular.



The letter urges the U.S. and European governments to take urgent action to facilitate wiring or other payment settlement mechanisms, and calls on Somali officials, MTOs, international banks and bodies such as the UN to coordinate efforts to boost the accessibility of remittance payments.



<h2 class="wp-block-heading">Somalia: A case study</h2>



Many domestic economies in Sub-Saharan Africa are suffering as a result of shutdowns associated with the coronavirus pandemic, and in some cases dealing with multiple concurrent shocks such as historic <a href="https://www.cnbcafrica.com/east-africa/2020/05/27/locust-plague-covid-19-weigh-on-east-africas-economic-outlook/">locust swarms</a>, droughts, flash flooding or violent insurgencies.



Almost half of all households in Somalia rely on remittances to cover basic needs such as food, water, health care and education. The UN estimates that 4.1 million Somalis are food insecure in 2020, while around 2.6 million are internally displaced and more than a third have insufficient water for their basic day-to-day needs. The country’s total population is just over 15 million, according to World Bank data from 2018.



The above average rainy season anticipated in the coming months is expected to exacerbate the flash flooding which has devastated communities, along with offering ideal breeding conditions for the locust swarms that have affected around 360,000 hectares of land.



Meanwhile, conflict continues to rage between government forces, clan actors and insurgent groups, including notorious terror organization Al Shabaab.



Some MTOs in Somalia have had their bank accounts closed due to bank concerns about exposure to terrorism financing and anti-money laundering regulation, preventing access to their online services, according to the letter. Others have been rendered unable to reach more remote locations of the country, including settlements for internally displaced persons and refugees, the most vulnerable portion of the population.



“MTOs not only provide the only viable mechanism to legally and transparently send money to Somalia/Somaliland, they also serve a dual function in terms of providing letters of credit to Somali traders who come to Dubai, Djibouti and other international hubs to purchase essential food and nonfood items for sale inside Somalia/Somaliland,” the letter explained.



“Across the U.S. and around the globe, Somalis are working hard to support their families back home,” Scott Paul, Oxfam America’s humanitarian policy lead, said in a recent statement.



“Sadly, many have fewer resources to share today, and because of the U.S. government’s irresponsible approach to bank regulation, banks have been scared away from helping Somalis send what they can.”



Paul called on the Treasury Department in the U.S. and governments elsewhere to take urgent action to enable Somali families to cover their “rent, food, medicine and school fees as Covid-19 spreads.”



As of Friday morning, Somalia has 1,828 confirmed cases of Covid-19 with 72 deaths.&nbsp;



Oxfam’s country director in Somalia, Amjad Ali, said the pandemic is “laying bare and exacerbating inequalities” and highlighting that “too many among us are living on the brink.”



“We now need to see leaders step up to support vulnerable communities with the social protection they need and deserve, while also easing the way for families to support each other through hard work and remittance payments.”



This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/29/coronavirus-migrant-workers-struggle-to-send-money-home-during-the-crisis.html">https://www.cnbc.com/2020/05/29/coronavirus-migrant-workers-struggle-to-send-money-home-during-the-crisis.html</a> and is republished with its permission.



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

Sub-Saharan Africa to suffer 23.1% decline in remittances in 2020 – World Bank

<h3 class="wp-block-heading">Key Points:</h3>



<ul class="wp-block-list"><li>The Dubai government announced new measures to lift restrictions on businesses, allowing gyms, movie theaters, leisure venues, educational and training institutes, child learning centers and all retail and wholesale establishments to reopen at varying limited capacities.</li><li>The emirate of 3.3 million, the UAE’s commercial capital, is pushing ahead with reopening its economy after a grueling two months of lockdown that included a three-week stretch in April of some of the strictest measures imposed anywhere in the world</li></ul>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106525111-1588843933032gettyimages-1211240246.jpeg?v=1588909311&amp;w=678&amp;h=381" alt="Women wearing masks for protection against the coronavirus, walk in the Mall of Dubai on April 28, 2020, after the shopping center was reopened as part of moves in the Gulf emirate to ease lockdown restrictions imposed last month."/></figure>



Women wearing masks for protection against the coronavirus, walk in the Mall of Dubai on April 28, 2020, after the shopping center was reopened as part of moves in the Gulf emirate to ease lockdown restrictions imposed last month.Karim Sahib | AFP | Getty Images



DUBAI, United Arab Emirates&nbsp;— The Dubai government announced new measures to lift restrictions on businesses, allowing gyms, movie theaters, leisure venues, educational and training institutes, child learning centers and all retail and wholesale establishments to reopen at varying limited capacities.



The emirate of 3.3 million, the UAE’s commercial capital, is pushing ahead with reopening its economy after a grueling two months of lockdown that included a three-week stretch in April of&nbsp;<a href="https://www.cnbc.com/2020/04/07/coronavirus-lockdown-dubai-requires-police-permits-for-leaving-the-house.html">some of the strictest measures imposed anywhere</a>&nbsp;in the world, requiring residents to&nbsp;<a href="https://www.cnbc.com/2020/04/07/coronavirus-lockdown-dubai-requires-police-permits-for-leaving-the-house.html">apply for a police permit</a>&nbsp;in order to leave their homes. Since late April, the restrictions have eased, allowing malls, restaurants and hotels to reopen at reduced capacity and under stringent sanitation and social-distancing rules.&nbsp;



“Under the directives of&nbsp;@HHShkMohd,&nbsp;@HamdanMohammed&nbsp;announces the gradual reopening of business activities in Dubai from Wednesday, 27 May. There will be no restrictions on movement between 6.00 am and 11.00 pm,” the Dubai Media Office tweeted this week, citing Dubai’s ruler and crown prince.&nbsp;



People above the age of 60 and below the age of 12 aren’t allowed to enter malls, sports facilities, educational institutes and movie theaters, and mask-wearing and the maintenance of two meters of social distancing are mandatory.



<iframe width=700 height=349 src=https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&#038;byGuid=7000137354 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ></iframe>



Curfew across the emirate had expanded from a 10 p.m. start for much of May to an 8 p.m. start during the last week of the Muslim holy month of Ramadan and Eid, the multi-day celebration to commemorate Ramadan’s ending. The two-hour curfew expansion coincided with an uptick in coronavirus infections to around 800 new cases per day, and was believed to be aimed at stopping people from gathering to celebrate what is traditionally one of the most important holidays for the Muslim world.



The UAE has had just over 32,500 confirmed coronavirus cases, with 258 deaths. <a href="https://twitter.com/DXBMediaOffice/status/1265727893470093330"></a>











“IT’S GAME TIME&nbsp;— WE ARE REOPENING!” an email from one popular Dubai gym read on Wednesday. The robust sports community in the emirate,&nbsp; which has attracted celebrity athletes, fitness influencers and high-end gym franchises from around the world, is gearing up to serve customers again, but will be doing so under strict new safety guidelines.&nbsp;



“A physical distance of at least 2 meters must be maintained, and separators/partitions (e.g. acrylic dividers) shall be installed between sports equipment, if the nature of the sports activity requires it, to ensure protection of people,” a memo from the Dubai Sports Council read. It outlined regular sanitization procedures for equipment and workout areas, as well as a no more than 50% capacity in gyms and sports centers. Enclosed areas like locker rooms, showers, changing areas and saunas are to be closed off.&nbsp;



Entertainment and leisure venues like the Dubai Ice Rink and Dolphinarium are able to reopen as well.<a href="https://twitter.com/DXBMediaOffice/status/1265275100955176962"></a>











Dubai’s public beaches remain closed, likely helping boost hotel bookings over the holiday weekend as residents flocked to local resorts for “staycations” as the only legal means of getting beach time.&nbsp;



<h2 class="wp-block-heading">Dubai relaxing measures faster than Abu Dhabi</h2>



It’s worth noting the reopenings so far do not apply across the UAE: neighboring Abu Dhabi, the country’s oil-rich capital, remains largely shut down in terms of business and leisure venues. Some local analysts attribute this to Abu Dhabi having stronger financial means to support its companies, most of which are owned by locals who won’t leave the country in a prolonged downturn.



Dubai, by contrast, has a higher expatriate population, and economists have forecast a potential population contraction of more than 10% by the end of this year if business fails to sufficiently rebound. During Dubai’s strictest lockdown period in April, a survey of roughly 1,200 businesses found that 70% of them expected to close within six months if the lockdown persisted.<a href="https://twitter.com/DXBMediaOffice/status/1265323692734787584"></a>







<figure class="wp-block-image"><a href="https://twitter.com/DXBMediaOffice/status/1265323692734787584/photo/1"><img decoding="async" src="https://pbs.twimg.com/media/EY9VJKGX0AAaIIA?format=jpg&amp;name=small" alt="View image on Twitter" title="View image on Twitter"/></a><figcaption>During the holy month of Ramadan and Eid Al Fitr, <a href="https://twitter.com/DMunicipality">@DMunicipality</a> conducted 48,299 inspection visits related to various activities, a number of shops were shut down for major violations of the precautionary measures.</figcaption></figure>







Dubai’s leadership also announced that 50% of government employees could work from the office starting Sunday&nbsp;— an increase from the previous 30%. From June 14, 100% of government employees will be able to return to work.

106525111-1588843933032gettyimages-1211240246

Dubai gives the green light to reopen gyms, movie theaters and other non-essential businesses as lockdown lifting continues

<h3 class="wp-block-heading">Key Points</h3>



<ul class="wp-block-list"><li>India is set to report growth numbers for the first three months of this year, and analysts expect Asia’s third largest economy to have expanded at a slower pace.</li><li>According to economists polled by Reuters, gross domestic product for the January to March quarter is expected to have grown at 2.1% from a year ago, marking the&nbsp;weakest growth since comparable records began in early 2012.</li></ul>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106540521-1589624934682gettyimages-1213168171.jpeg?v=1589625036&amp;w=678&amp;h=381" alt="Migrant workers and families wait for transport to go back to their native places after the goverment eased a nationwide lockdown imposed as a preventive measure against the COVID-19 coronavirus, in Ghaziabad on May 16, 2020."/><figcaption>Migrant workers and families wait for transport to go back to their native places after the goverment eased a nationwide lockdown imposed as a preventive measure against the COVID-19 coronavirus, in Ghaziabad on May 16, 2020.Prakash SINGH | AFP</figcaption></figure>







<a href="https://www.cnbc.com/india/">India</a>&nbsp;is set to report growth numbers for the first three months of this year, and analysts expect Asia’s third largest economy to have expanded at a slower pace.



On Friday, India will release data on its gross domestic product for the January to March period.The economy is expected to have expanded by 2.1% compared to a year ago, according to 52 economists&nbsp;<a href="https://www.reuters.com/article/us-india-economy-poll/india-first-quarter-gdp-growth-likely-to-be-weakest-since-2012-reuters-poll-idUSKBN2320AE" target="_blank" rel="noreferrer noopener">polled by Reuters</a>. If so, it would be India’s weakest growth since comparable records began in early 2012, the news wire reported.



Growth momentum in South Asia’s largest economy was already decelerating in previous quarters, before the coronavirus pandemic forced the country into a nation-wide lockdown that was extended multiple times, and grounded most economic activities in the ensuing weeks.



GDP is expected to worsen in the current April to June quarter, according to investment bank Goldman Sachs which recently&nbsp;<a href="https://www.cnbc.com/2020/05/22/coronavirus-goldman-sachs-on-india-growth-gdp-forecast.html">predicted a massive 45% decline</a>&nbsp;during that period, compared to the previous three months.&nbsp;



Some countries have already registered a “notable deceleration” in growth in the first three months of the year, due to the fallout of volatile financial markets, a marked slowdown in China, and weakening flows in tourism and trade sectors, Radhika Rao, an economist at Singapore’s DBS Group, said in a note.&nbsp;



“Households and businesses also likely grew cautious on their spending as it (was) a matter of not ‘if’ but ‘when’ the pandemic would quicken on their shores,” she wrote. “India is likely to witness something similar, not helped by the decelerating momentum in growth even prior to the infection spread.”&nbsp;



<h2 class="wp-block-heading">Performance indicators</h2>



Several high-frequency data pointed to a significant impact in the January-March period, which is also the fourth quarter of India’s fiscal year 2020.&nbsp;



The Index of Industrial Production, a composite indicator used to measure the level of industrial activity in the Indian economy every month, was down 16.65% in March from a year ago — or lower by 10% from February.&nbsp;



<a href="https://economictimes.indiatimes.com/news/economy/indicators/indias-march-factory-activity-growth-at-4-month-low-amid-coronavirus-spread/articleshow/74942981.cms?from=mdr" target="_blank" rel="noreferrer noopener">Factory activities</a>&nbsp;slipped,&nbsp;<a href="https://www.livemint.com/industry/energy/india-s-fuel-sales-drop-18-in-march-petrol-demand-falls-16-diesel-slips-24-11586444964142.html" target="_blank" rel="noreferrer noopener">diesel consumption</a>&nbsp;was down and&nbsp;<a href="https://economictimes.indiatimes.com/industry/auto/auto-news/auto-sales-in-march-fall-45-due-to-lockdown/articleshow/75120690.cms?from=mdr" target="_blank" rel="noreferrer noopener">passenger vehicle sales</a>&nbsp;almost halved in March.&nbsp;



“High-frequency growth indicators are exhibiting broad-based declines across indicators on both the demand and the supply sides,” Sonal Varma, chief economist for India and Asia ex-Japan&nbsp;at Nomura, said in a note. She explained that data showed declines in the services sector and in the consumption of non-essential goods exceeded the slump in investment and industrial activity.&nbsp;



Varma pointed out that while the April data captured the “most intense period” of the lockdown, March data already showed a slump in consumption.&nbsp;



<h2 class="wp-block-heading">Dismal outlook</h2>



The infection’s spread accelerated in India by March, and it forced the government to implement a national lockdown in the last week that month. As the number of officially reported cases climbed, the shutdown was extended multiple times.



In April, however, some of those restrictions were relaxed, and subsequently, districts were demarcated based on the risk of spreading the infection.&nbsp;Some restrictions are set to be eased first in lower risk zones.&nbsp;



More than 158,000 people are now confirmed to have been infected in India and more than 4,000 have died, according to Johns Hopkins University data.&nbsp;



Nomura’s Varma said that while in theory, the partial relaxation of lockdown measures and the division of regions into low-risk or high-risk zones should open up around 70% of the economy on a sector-by-sector basis, there are other practical challenges to consider.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106538577-1589524033569gettyimages-1209438550.jpeg?v=1590626857&amp;w=678&amp;h=381" alt="A volunteer in Chennai, India holds a placard to raise awareness about the coronavirus on a street during a government-imposed nationwide lockdown to combat the spread of Covid-19."/><figcaption>A volunteer in Chennai, India holds a placard to raise awareness about the coronavirus on a street during a government-imposed nationwide lockdown to combat the spread of Covid-19.Arun Sankar | AFP | Getty Images</figcaption></figure>







“Restrictions on inter-state travel, labour shortages, new social distancing norms and the&nbsp;absence of a homogeneous market for both demand (for goods) and supply (of inputs) suggest that, even as capacity utilization is likely to rise from April lows, it will likely remain ‘sub-optimal’ for much longer,” she said in the note.&nbsp;



Even when businesses are able to open up, they will have to deal with severe cash flow shocks, as they struggle to remain solvent and search for fresh financing, Varma added.



DBS’ Rao said while the current April-June quarter will mark the trough in the current cycle, “consumer discretionary sectors, production and services, are likely to take longer to recover.”&nbsp;



A strong agricultural sector may help to offset some of that weakness, Rao said, adding that risks of a second wave of infection domestically also warrants attention. DBS predicted a 1.3% growth for the January-March period compared to a year ago.&nbsp;

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