2021’s Tough Start, Adviser Roles, Wealth Fund Doubles: Eco Day

(Bloomberg) -- Happy Monday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the week.

  • The world economy is facing a tougher start to 2021 than expected as coronavirus infections surge and it takes time to roll out vaccinations
  • The Biden administration appointed economist Martha Gimbelas a senior adviser to the White House’s Council of Economic Advisers and continues to round out the ranks of the team at the Office of Management and Budget
  • Saudi Arabia replaced its central bank governor and said that it would more than double the size of its sovereign wealth fund by 2025 in a series of late-night announcements ahead of the crown prince’s flagship investment conference
  • U.S. Federal Reserve officials will meet this week for the first time since Democrats took control of the Senate earlier this month, which has raised the odds of passing a big pandemic relief package
  • India’s economy showed signs a recovery is taking root as waning virus cases and a vaccine roll-out supported sentiment and as focus turns to further stimulus possible in the upcoming federal budget
  • U.K. Prime Minister Boris Johnson and U.S. President Joseph Biden struck different tones on the prospects of a trade deal, as Johnson became the first European leader to receive a phone call since Biden’s inauguration
  • Brazilian protesters took to the streets to call for President Jair Bolsonaro’s impeachment as his administration faces criticism over a slow vaccination roll-out and a surging death toll from the pandemic
  • Australia’s Treasurer Josh Frydenberg said it’s “inevitable” that Google and other tech behemoths will have to pay for using media content, responding to the Google’s threat to disable its search engine if it’s forced to pay local publishers for news