to attract more skilled workers from abroad. i mean facilities 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 rael 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 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 laws chief economist at the o.e.c.d. to talk about this there are still so many unknowns as to 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 and we are not so sure as you see it is a lot of them said and you cannot be cowards look where the plan and how they're going to spread for how real the how widely so what we have done here and is too good to see now and it's why and where he stays grossly and which 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 give my ribs but it's low light was. basic and do nothing really can you up and that's where we we can get by when things like this it up and certainty that we should not put it it's a hit crises and it's difficult taman measure which have an active impact on the economy to what 2 economies have to do because i know that central banks aren't

used to fighting off viruses now absolutely so central banks should send a signal that they stand with each latin that they can ensure financial stability we being awfully quick to teach and this. government can do is i would say the other even more important because government can't ensure that people keep their tell that they keep some income in the same way with sex with it shouldn't be shocked at working schemes they get also ensure that. it through the night worse with value stats postponements and with diction but what we're trying to do is give them the intel ball and policing measure 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 goes 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 because they have the wrong kind of equipment they can fight off economic problems yes i agree with their own spin 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 liquidity too little cash in the market that's providing that it's simply the coronavirus to quarantines the people who aren't able to produce or are 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 get bridge financing for lost revenues at 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 ali 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 coming because the struggling to sell vehicles in china supply chains are flagging and travel agents are all say feeling the pinch. the government has promised to help 1st struggling businesses. we are working closely with the affected companies in germany these are mainly import from china manufacturers which rely on supply parts 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 that affected companies already under consideration the italian government is also determined to come to the aid of its economy and its 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 a virus in my opinion at least is that many products and active ingredients are manufactured in asia. if the corona virus becomes a pandemic 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 site tech 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. with. 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 outbreak of the corona virus 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. 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 stops 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 a 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 your votes of too many wholesalers are also keen to avoid the cost of additional storage space with corona virus continuing to spread it could become hard to keep pharmaceutical supply chains running. and officials have postponed thailand's motorcycle due to the corona virus a day after the season opener in qatar was cancelled the time moto g.p. brings in more than $19000000.00 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 buyers. 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. israel in 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 shin jiang to the plants in other parts of china officials have been turned about a 1000000 we get since 2017. germany faces a shortage of a vote $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. from syria well mico barnett comes from poland they have 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. technicians employed in the heating and air conditioning sector are 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 has maximum impact germany is pushing the message as hard as a cat especially in countries where it is already proven successful by schmidt's rising need to be a tape vietnam a lot of overseas workers in the former east germany in the 1980 s. 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 then that. you buy shoes buys it makes you cool it up was a union you know from now on 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 a so great they'll be enough jobs for all of them in germany for the forseeable future. i had to learn german as well it was alright it was pretty actually nice doing business with it.

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. pick up the. slack . so this is good a way to use life for a whirlwind of border crisis tells us of migrants makes their way to europe after turkey opens its borders but many of them are met with tear gas from greek police european leaders say the continent's borders will wear may close as they brace for a new wave of refugees from war torn syria and.