JPMorgan Asset Management's David Kelly said South Korea, Taiwan and Hong Kong have a better chance of 'escaping from Covid-19 than Europe and the U.S. does.'
JPMorgan Asset Management's David Kelly said East Asia's outlook is "quite good" relative to other regions of the world.
"I think the overall outlook for East Asia is quite good relative to to other regions of the world … in economic terms and probably in market terms in the second half of 2020," Kelly told CNBC's "Squawk Box" on Thursday. "It may be that while the U.S. and Western countries will shy away from achieving some sort of herd immunity and wait for a vaccine, it could be that China may soldier on with reopening the economy even if there's some rise in the case load and they will sort of struggle to try and dampen down that growth but not abandon this reopening of the economy," Kelly said.
"I think first quarter GDP will now be negative in the U.S., but second quarter GDP could be down 20 to 25% in annualized rate," Kelly said. "A huge decline."
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