has germany annexing new law to attract most skilled workers from abroad. i mean for one let's do business it's no wonder that equities continue to fall today the organization for economic cooperation and development warns the coronavirus could be rail the global economy the group of industrialized countries wants growth could fall to just one and a half percent that's about half the growth predicted before the outbreak this will hit all economies but the o.e.c.d. warns japan and the eurozone most at risk of sliding into recession central banks are scrambling the bank of england says it's working to ensure all the necessary steps are taken to protect financial and monetary stability asian central banks say they're also taking measures to stabilize their economies well let's bring in. chief economist at the o.e.c.d. to talk about this there are still so many unknowns is how this virus. acts and spreads and so many different factors how can you be so sure of what the

economic cost is right now. well this is a very good question that we have not so sure as you see it is a lot of them said and you can we count look we're deep and how the brain was trained for how real the how we're going so what we have done here and used to do it to see now it's widened the way we stays grossly and what it is today and in which case there will always be downgraded by point 5 percentage points can be at moments ago and one downside now you had the virus spreads well lightly it was the . basic and it did nothing really can't you up and that's where we we can guess by 1.5 that there's a lot of consistency that we should not put it's ahead crises and it's the same and measure which have matthew impact on the economy to what 2 economies have to do

because i know that central banks aren't used to fighting off viruses that absolutely so central banks should send a signal that they stand with gets whacked and that they can ensure financial stability we being awfully quick to cheat and this. government can do is i would say the other even more important because the guy meant can't ensure that people who keep can't tell that they keep some income in the same way with sex with it shouldn't be shocked at working schemes and again also ensure that. it through the night nurse with values that's going to postponement and we did sion but what we're trying to do is give them the intel ball and police commissioner so they're going to act now the hospital thank you very much for joining us from the o.e.c.d. . thank you and let's bring in our financial correspondent in frankfurt now there he was for a 2nd bring him back up guys tell us what do you think do central banks have the

have the equipment to fight off a virus. you know they don't want to because they have the wrong kind of approach and they can fight off economic problems yes i agree with the wrong spoon on that but this is a supply side problem at the moment mainly people would love to buy stuff and they have the money to buy stuff it's not too high interest rates or too little the quiddity too little cash in the market that's preventing that it's simply the coronavirus the quarantines the people who aren't able to produce or aren't able to ship are preventing the logistics side from coming to fruition and what the central banks can do. is side effects and after effects help mitigate the effects and help the people who are affected by this in the aftermath get credit for apps can bridge financing for lost revenue is that the frankfurt stock exchange.

so many countries are now trying to mitigate the effects of the virus on their economies but it's mainly a supply issue in china as you pointed out that leaves governments and central banks with only limited options. so far the german economy appears to be running fairly smoothly despite the coronavirus but that could soon change come a cause the struggling to sell vehicles in china supply chains are flagging and travel agents are all safe feeling the pinch. the government has promised to help 1st struggling businesses. we're working closely with the affected companies in germany these are mainly which import from china manufacturers which rely on supply part we've set up a hotline and we also have ways to provide them with financial support and should serious up people set in officials have signaled that the government would be prepared to provide

a broad economic stimulus package measures like tax cuts or short term compensation for workers affected companies already under consideration the italian government is also determined to come to the aid of its economy and is planning to sign off on 3600000000 euros in emergency aid to sectors affected by the virus but to do this it needs the consent of the e.u. commission that's because italy already has a high fiscal deficit on wednesday finance ministers from the e.u. and the g 7 countries will hold a telephone conference to discuss further measures to support the global economy it's no surprise there are global shortages of vital medicines in some countries as a direct result of the outbreak many international drug companies rely heavily on chinese suppliers. this should be where an antidepressant is stored but the drug is currently not available from this pharmaceutical wholesaler in germany supplies

have dried up and so it can't be delivered to pharmacies around 300 medicines are unavailable all scarce in germany including this vaccine and the spread of the corona virus could make things even worse. the potential problem with the virus in my opinion at least is that many products and active ingredients are manufactured in asia. if the corona virus becomes a pandemic or i imagine we'll see more of a squeeze on pharmaceutical supplies then we already have. many drugs used in europe and the world as a whole made in india sign tek pharma is one of the country's leading manufacturer is low wages have made india an attractive hub for the production of medicines. however not all a profitable to produce. was. the active

ingredients can be very expensive but government policy demands the prices of finished products stay low. this discrepancy is causing problems for the indian pharma industry sometimes a particular drug simply becomes too expensive to make forcing some producers to close shop. the al break of the coronavirus could dramatically reduce the number of medications india can produce that's because most of the active ingredients for drugs come from china are going to you know stops exporting these raw materials to india and 90 percent of india's pharmaceutical companies could close down some patients could even die as a result. wholesalers such as found that people say they try to build up stocks when drugs are available in larger quantities it helps them deal with supply

shortages. there aren't usually any advanced warnings about supply shortages so there is political pressure on wholesalers to increase their stocks if i knew exactly what i should stock up on i'd be happy to do it but i don't want to take on a lot of risk after all medications are perishable goods or put up your wallets and too many wholesalers are also keen to avoid the cost of additional storage space with corona virus continuing to spread and it could become hard to keep pharmaceutical supply chains running. and officials have postponed thailand's motorcycle to choose the coronavirus a day after the season opener in qatar was cancelled the time of the g.p. brings in more than $90000000.00 annually it's the latest damage to thailand's tourist reliant economy which is anticipated to take a hit of more than $8000000000.00 due to the bombers. the report shows some of the world's biggest brands are profiting from forced labor camps in china over 80

companies including apple nike b.m.w. and. the australian strategic policy institute a state funded think tanks as tens of thousands of ethnic weak is forced to work in factories that supply them the report alleges that the workers were transferred from their home province of junk to the plants in other parts of china officials have interned about a 1000000 weavers since 2017. germany faces a shortage of over $1000000.00 workers most of them skilled labor the government hopes and you lol which has now come into effect will help meet the growing to bat . these 2 specialists from abroad are working at an air conditioning firm called estie in potsdam near berlin so each refaced from syria well mico by. from poland they had the opportunity to meet economy minister peter who's just overseen a new law which should make immigration for skilled workers from non e.u.

countries much easier in future above all it will streamline the process. make sure the visa application process is faster and that the process of recognising qualifications speeds up so people can actually work here that technicians employed in the heating and air conditioning sector a good example they belong to the so-called bottleneck professions where there's a major shortage all over germany including at this company. i could hire 10 people with these qualifications straight away we operate different areas in this company and each department could easily take 3 people. the new immigration law offers a ray of hope to make sure it is maximum impact germany is pushing the message as hard as it can especially in countries where it is already proven successful. vietnam a lot of overseas workers in the former east germany in the 1000 agents came from there and there's lots of links to the boat people refugees who came to west germany in the seventy's are countries in latin america like mexico or brazil and.

mexico. if they have the qualifications and can speak german workers can come to germany for 6 months to look for work that doesn't mean increased competition for trainees already here the demand for skilled workers is so great to be enough jobs for all of them in germany for the forseeable future. i to the job as well it was alright it was pretty actually nice doing business with it.

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. this is deja vu news loss from berlin a new migration crisis at the e.u.'s forder with turkey. kids or their families were there and everyone just panicking everybody is crying. migrants attempting to cross into greece are back with water cannon a tear gas from greek border guards thousands of people are on the move after turkey says it will no longer try to stop but. also coming up the e.u. raises its risk assessment for corona virus as global cases soar tyra's fears are hammering the tourism and to.