optimistic and yet pessimistic, the imf paints a fuzzy picture forward for the global economy. we will have the latest. plus, too big to ignore, spain's vice president speaks to the bbc on china and the shift in the international world order. hello and welcome to asia business report, i'm karishma vaswani. ourtop business report, i'm karishma vaswani. our top story few today, keep the pressure on interest rates or risk a financial crisis, that was one of the ominous new warnings given by the international monetary fund to member countries as it kicks off a

series of spring meetings with the world bank in washington this week stop it is also downgraded its overgrowth forecast for this year and exciting weaker performances in some leijer economies. our business reporter has been looking into this story for us and joins us now. always go to get you on the show. you have been sifting through the report, what are the projections?- report, what are the projections? they are predicting _ projections? they are predicting that - projections? they are i predicting that economic projections? they are _ predicting that economic growth this year maybe to next year 3%, that is a downgrade on what they had said injanuary about one tenth of a percentage point, in the medium term they have given the weakest forecast in more than 30 years. they say there is potentially a perilous combination of factors and that those far as could lead to economic crisis and they are calling there for for central bank around the world to keep tight monetary policy and that means high interest rates. some of the factors that remain to be seen and are known as to whether they come to fruition

other things such as the war in ukraine, inflation, and how inflation continues to respond to interest rates and, finally, when it comes to the banking sector, that is another risk they pointed to, the recent collapse of credit suisse and other banks, fears of what this and others could mean. we heard from the chief economist of the imf and he said that nowadays the trade—off isn't so much inflation versus economic growth, which has been in the past, it is financial stability board inflation and because banks around the world are raising interest rates that is putting the banking sector under pressure and he says actually what central banks need to do is to continue to prioritise price stability, thatis prioritise price stability, that is lower inflation, the financial stability and the potential weaknesses that could company banking sector. it all sounds pretty _ company banking sector. it all sounds pretty dire, _ company banking sector. it all sounds pretty dire, doesn't it, any sense of optimism at all here? ., , ., any sense of optimism at all here? .,, ., .,, , . here? there was one optimistic, janet here? there was one optimistic, janet yellen. — here? there was one optimistic, janet yellen, us _

here? there was one optimistic, janet yellen, us treasury - janet yellen, us treasury secretary, she says she feels reasonably bright and she wouldn't overdo the negativism she pointed, for example, to the us economy and said it has shown some strong resiliency particular when it comes to the labour market and recent figures when it comes to employment, as well as supply chain resiliency and finally energy prices committees of the us as amended by the high energy prices we have seen potentially for example in europe. she also pointed to the banking reforms that have occurred after the global financial crisis, she said, for example, that the banking system is very strong and as a result of the weaknesses i mentioned when it came to svb bank and credit suisse, they are not such problems. she said we do need to continue to be vigilant particularly as well when it comes to the banking system and the future when it comes to ukraine.— system and the future when it comes to ukraine. katie silver, thanks for— comes to ukraine. katie silver, thanks forjoining _ comes to ukraine. katie silver, thanks forjoining us _ comes to ukraine. katie silver, thanks forjoining us on - comes to ukraine. katie silver, thanks forjoining us on the - thanks forjoining us on the programme. katie was selling as the picture of the global economy but i want to sue minter china now, the imf is forecasting that china's economy will grow by 520% this

year. earliera economy will grow by 520% this year. earlier a spoke with alysia who told me that basicallyjust alysia who told me that basically just about meet that target but there are challenges domestically. i target but there are challenges domestically.— domestically. i think we are all heading _ domestically. i think we are all heading slightly - domestically. i think we are all heading slightly closer i domestically. i think we are| all heading slightly closer to the official target, the world bank is by .i, still at 5.5, but the reality is data is heading south and this is true for consumption, increased sales are in china with orti week much data, more generally week much data, more generally we don't see a lot of splashing as we used to see of consumers, you know, going around, so, yes, it is going to be a little higher than five and most were this year —— 5.1. higher than five and most were this year -- 5.1.— this year -- 5.1. what are the ma'or this year -- 5.1. what are the major headwinds _ this year -- 5.1. what are the major headwinds affecting . this year -- 5.1. what are the | major headwinds affecting the

outlook for china's economy? first and foremost, confidence. i mean, they have the excess savings, they have been keeping them for three years with zero covid policies, but they are not confident about the future and that is dragging down both housing purchases, which are still very, very stagnant, and of course anything that is a consumer durable, such as a car, for example. so that is dragging down more than confidence.— dragging down more than confidence. ~ , , �* confidence. absolutely. and if this is for _ confidence. absolutely. and if this is for the _ confidence. absolutely. and if this is for the global _ confidence. absolutely. and if this is for the global economic outlook is as dire as we are hearing from the imf, in the past china has been that saver, so to speak, it has been the thing that boost the global economy, can we depend on china's growth this time around?— china's growth this time around? ~ , ., ., �* around? we should not. and i thinkthis _ around? we should not. and i think this is — around? we should not. and i think this is not _ around? we should not. and i think this is not about -

around? we should not. and i think this is not about china, | think this is not about china, china growing 5% is of course less than perhaps expect but still positive, it is about the us and europe growing much less than that and, frankly speaking, because china is in the structure is low down we need to find other sources, other engines of growth. and we know that asean and india are there basically as major higher growth environments or economies than china. so think thatis economies than china. so think that is where the growth is going to come for the next ten years, asean and india. speaking to me a little earlier about the outlook for the chinese economy. meanwhile, the spanish vice president and minister economies is the size of the chinese economy means it cannot be overlooked and that there has been a "tectonic shift" in the international world order. samira hussain was speaking to nadia calvino on the sidelines of the imf spring meeting. the sidelines of the imf spring meetini. ., i. ., the sidelines of the imf spring meetini. ., ., , i, meeting. you cannot “ust ignore the chinese * meeting. you cannotjust ignore the chinese economy. _ meeting. you cannotjust ignore the chinese economy. it - meeting. you cannotjust ignore the chinese economy. it is - meeting. you cannotjust ignore the chinese economy. it is one. the chinese economy. it is one of our main if not our main

trading partner. it is a very large economy. it is a very important player. we have entry interest in engaged conversation, at this point in time we have democrat priorities. first of all to ensure that china engages in a constructive manner to put an end to the war as soon as possible and, secondly, to avoid trading, a market fragmentation that slows down growth and makes us walk backwards, you know, and lose all the progress we have achieved in the last decade thanks to international trade. how do the frayed relations between the united states and china impact other countries? we are living through a massive tectonic shift in the international world order and it is clear that there are new superpowers and that there are important tensions, geo—political, gu —— geo economic changes, so multilateral institutions are a

key role to play in ensuring we are all round the same table, we engage constructively and find common solutions to global challenges. d0 find common solutions to global challenges-— challenges. do you think united states should _ challenges. do you think united states should remove _ challenges. do you think united states should remove any - challenges. do you think united states should remove any trade barriers it has vagina? i states should remove any trade barriers it has vagina?— barriers it has vagina? i think are putting — barriers it has vagina? i think are putting trade _ barriers it has vagina? i think are putting trade barriers - barriers it has vagina? i thinkj are putting trade barriers and resorting to nationalistic policies and market fragmentation, we have lived through these and we note in 5—race as is all. —— china. we should have a rules—based international order framework that works for the benefit of citizens around the world. haifa citizens around the world. how worried are — citizens around the world. how worried are you _ citizens around the world. how worried are you about - citizens around the world. how worried are you about trade protectionism?— worried are you about trade protectionism? history has told us that trade _ protectionism? history has told us that trade protectionism - protectionism? history has told us that trade protectionism is i us that trade protectionism is not good for any of the parties who have every interest in ensuring there's a rules—based international order trade framework that was to the benefit of all countries and all citizens around the world. well, we will bring you more on the imf meetings in the next hour. stay tuned as krishna chandran of arson joins us to join into the latest productions and we can put some of the points that we were

hearing about regards to china to him as well. tojoin us for that. india is reporting inflation numbers for much later today. inflation numbers for much latertoday. prices inflation numbers for much later today. prices that are expected to have moderated after remaining elevated for several months. our india business correspondence sent us this report. business correspondence sent us this report-— this report. inflation is exnected _ this report. inflation is expected to _ this report. inflation is expected to dip - this report. inflation is expected to dip below| this report. inflation is i expected to dip below the this report. inflation is - expected to dip below the upper tolerance level for the first time this year. the number is expected to come in at about 5.8% as opposed to 6.4 present in the last month according to a consensus estimate of economist polled by reuters. this is largely driven by moderation of food prices which are down for about half of all consumer level inflation. a dip in visual rises is expected to bring down inflation but the cost of fuel has gone up recently and that could push up overall inflation, again according to economist. lastly, the reserve bank of india cap rates on hold after six consecutive hikes, surprisingly markets which were expecting a

40% increase of rates. the governor did say that the central bank's job is governor did say that the central bank'sjob is not finished and the war against inflation had to continue given that it had proven to be more sticky than expected. the reserve bank of india expects inflation to remain at about 520% in financial year 2024, which began on i april. 52096 in financial year 2024, which began on 1 april. before we say goodbye. _ which began on 1 april. before we say goodbye, i _ which began on 1 april. before we say goodbye, i want - which began on 1 april. before we say goodbye, i want to - which began on 1 april. before we say goodbye, i want to tellj we say goodbye, i want to tell you about how ford is doubling down on electric vehicles. the american auto company is investing about $1.3 billion to transition to an assembly plant in canada into a new electric vehicle hub. ford said the hub will include vehicle and battery pack assembly and that the site is key to forward's plans to have reduction capacity for 2 million electric vehicles by 2026, an ambitious target that the company believes it can meet. for now, that brings us to the end of

asia business report at the cell. thank you so much for joining me. to stay with bbc news and i will be back with the business use in about an hour. —— business news. three, two mccrow, one! of this animal movie — three, two mccrow, one! of this animal movie could _ three, two mccrow, one! of this animal movie could have - three, two mccrow, one! of this animal movie could have been . animal movie could have been here. actor phil daniels started asjimmy in the film. very proud. yes, to have a plaque after all those years. and that film meaning something, so...- and that film meaning something, so... and that film meaning somethin: , so... , ,, ~ something, so... did you think it would have _ something, so... did you think it would have the _ something, so... did you think it would have the cultural - it would have the cultural significance it has had? hat significance it has had? not reall , significance it has had? not really. no — significance it has had? not really. no got _ significance it has had? not really, no got up _ significance it has had? ijrrt really, no got up one morning went to work and did my bit, quite amazing what has happened to it. his into sharp suits,

the most modern soul and pop music, and music.— music, and music. totally uner music, and music. totally unlike the _ music, and music. totally unlike the rockers - music, and music. totally unlike the rockers who i music, and music. totallyl unlike the rockers who like 19505 unlike the rockers who like 1950s rock �*n' roll music. the film is not a lot to those you braved the rain to come here today. i braved the rain to come here toda . ., ., ., , ., today. i am from hamburg and i have, all today. i am from hamburg and i have. all way — today. i am from hamburg and i have, all way here _ today. i am from hamburg and i have, all way here to _ today. i am from hamburg and i have, all way here to be - today. i am from hamburg and i have, all way here to be here i have, all way here to be here when the plaque is being attached to the wall. it’s attached to the wall. it's really special _ attached to the wall. it's really special and i attached to the wall. it's really special and everybody has been really lovely stop it is fantastic.— has been really lovely stop it is fantastic. and brighton love it as well- _ is fantastic. and brighton love it as well. when _ is fantastic. and brighton love it as well. when he _ is fantastic. and brighton love it as well. when he was i is fantastic. and brighton love it as well. when he was first l it as well. when he was first burst onto the early 1960s it would have thought they would still be going strong in their cultural significance recognise all these years on? —— and their cultural significance. hi, i'm kirsty with the catch up. four days of strikes by junior doctors have started across england, they want a 35%

pay increase, the union representing them so they have had 15 years of below inflation pay rises. her secretary said steve bailey says he will not alter unions and alaska the what he calls unreasonable demands stop and he says the government is to focus on slowing down how quickly prices are rising. next, 1 million smokers in england are going to be offered a free vaping start to get by the government. the hope is that less than 5% of people will smoke cigarettes by 2030. the charities have warned that swapping cigarettes for babes is nowhere near sufficient in stopping addiction stop the plans also want to tackle underage vapour sales and illegal vapour product. some other stories now, and logan paul signed a new multi—year deal with wwe. when he firstjoined back in july, lots of people thought it was just a bit of a pr stunt, but it looks like he is serious about it and the fan say he has got talent.

and millie bobby brown is engaged. the 19—year—old stranger things actress posted this picture with her boyfriend jake bonjovi, who she has been dating for 2.5 years. it is time now to leave you with ten seconds of fossils. my promise it is not from a blocked toilet, scientist say this is a squirrel from about 30,000 years ago. they reckon it died while hibernating back in the ice age. you are all caught up now, have a good night.

hello, i'm paul scott at the bbc sport centre. coming up on this programme: a masterclass in manchester as city thrash bayern munich to take control of their champions league quarterfinal. benfica get the blues as inter milan take control of their tie, winning 2—0 in portugal and not quite convincing on the clay — novak djokovic begins his monte carlo masters campaign with a win, but calls his victory ugly. hello and welcome along to the programme. lots to get through. we will start with football and what was a big night in the champions league. there was a clash of champions

at the etihad stadium as english premier league winners