ringback is it the end of the global economic system as we know it every day you graft of economic data confirm our worst fears the coronavirus has brought financial markets today needs companies

a reeling consumers panicking everyone is under suspicion all countries are in lockdown at the borders officials check people's temperatures and struggle to keep the virus out fear is contagious work is under quarantine containing the disease is a tremendous challenge in our highly networked world. going viral will a new type of infectious disease dramatically change the way we do business. it's globalization allowed covert 19 to spread around the planet at such incredible speed but now the whole concept of globalization itself is ailing the outbreak has brought global supply chains to a standstill including the most important one during a pandemic medical supplies and pharmaceuticals a serious example illustrating just how dependent the entire world has become on just one economy by far the biggest player in the global supply chain china and now

countries around the world are concerned about shortages and. this pharmaceutical wholesaler currently has 130000 different medications stored in its warehouses its appliance pharmacy across germany. so what about the. main concern is that many pharmaceutical products and active ingredients are produced in asia what that means is becoming clear right now during the current pandemic. in germany only produces a few products of its own it's the same throughout europe you know right now production standstill in china means that a number of active ingredients are not being produced. he reckons the show could be felt in germany within a few months. this is

a disadvantage of globalization globalization has many benefits but this is a classic drawback when you have different kinds of governments with different interests and it's possible that a country could find itself in a position of power and not use the power sensibly it's one of the political risks of globalization of. germany gets most of its medications from india and china. antibiotics 90 percent of the critical ingredients for all antibiotics worldwide now come from the 2 countries. indian pharmaceutical companies like here in. the north of the country have become important players in the production of generic medications the low labor costs here mean they can produce inexpensive drugs but most firms including side tech medicare

rely heavily on supplies from china for that production. china stops exporting key ingredients to india 80 to 90 percent of india's pharma companies are closed and patients will die. most of the active ingredients for its products from china because production costs are lower there. in fact most of the active substances found in medicines used around the world come from mega factories in northern china. how have we reached such extreme dependency especially with something as essential as medications. most importantly we've had discount agreements for at least the last 10 or even 13 years. that means that health insurance companies signed contracts with producers in which they agree prices the result has been far lower prices health insurers

have been putting themselves on the back for this for years however it's becoming obvious that goods are no longer being supplied to germany in sufficient quantities . the holton production resulting from the coronavirus pandemic means that few active pharmaceutical being sent to india as a result india has curbed its own exports of 26 different drugs including some antibiotics the government in delhi wants to ensure that it has sufficient supplies of such medicines for the indian population. that could soon to a few a supply being exported to germany. the pressure is growing for germany to become more self-sufficient. politicians have started to realize that too but because we've grown used to low prices i can't imagine how we'll be able to produce medications here again without having to pay through the nose for them. but . it would take years to get european production running on full

capacity again and doing so would mean a sharp hike in drug prices. a lot of lists expect higher prices for many products but that doesn't mean we need to panic i mean how much toilet paper doesn't a straight in household really need you germans out there what are you going to do with all that flour we've all got friends workmates or delivery services that can help us out if we get forced to stay home for weeks so is this simply a case of herd mentality or swarm stupidity or am i going to end up being the one who looks stupid when i realize that everyone else got in 1st. all over the word everyone is warning about a virus and when i look online it makes my head spin. everywhere you look people are hoarding supplies whether in hong kong sydney. on new york

at airports medical checks travel restrictions. panic is on the rise here in berlin events cancelled jobs lost colleagues in corinth. think the need to get out of the city. and in addition to the medical emergency is the impact on the world economy. alternately the question is how profound will this crisis be and that depends on how quickly we get this epidemic medically under control in question this crisis demonstrates the extent to which globalization has taken hold everything is connected to everything else somehow the world has become a village so the virus far away in china suddenly is very close instead of acting globally people and countries are retreating into localism keeping a distance from one another and one particular human instinct is aggravating the crisis behavior when i hear about empty supermarket shelves i panic myself.

but. why is that yeah this poorly misses for the problem is that for each individual it makes sense to follow the herd to follow the panic so. it's like the run we know from banking. if people think a bank is going bust they'll run to it because the 1st ones there will get their money back. one goes ahead and the rest of the herd follows that can raise the chance of survival for groups of animals but it can make left tough for shareholders. we tend to follow other people sleet and even on financial markets we often react more emotionally than rationally like other animals we humans feel safer in a crowd. when panic breaks out spreads like wildfire and the financial markets break down and there's a run if people are scared that share prices will keep dropping so they keep selling then we could see destabilization that would deepen the crisis then central

banks should push back and say calm down will lower interest rates will make money available shares won't fall that far. then some people will calm down and decide they don't have to sell. central banks and governments worldwide are non-singing economic programs to mitigate the effects of the pandemic. and then panicking won't help anyone. for years now 2 well known german economists. spike have been warning about the next big crash not just an economic one but also a political and social crisis many of us suspected it was overdue after historically long bull market a correction was surely coming but this has turned into a crash and we're now deep into bear market territory so were the 2 german forecasters right about the unprecedented challenges to the global financial order or were they just banking on alfie is and the inevitable my colleague tempus alias

met up with them. a state of emergency on global stock markets it's a looming catastrophe that could dandle worse than the stock market crash of 929 that's according to bestselling authors and economists. it's it's it's over they can't do anything it's a nature along. so much money as they want they want to stop the crisis it's happening. or you'll prices have collapsed by a 3rd today our lowest level in 30 years kicked off by the coronavirus all over the world markets falling. their latest book is called the biggest crash of all time. they have predicted to crash many times but now they feel they have prophecy has been fulfilled. right now we have too much debt the debt of the world is $255.00

trillion dollars this is 322 percent of g.d.p. and in 2008 with the big financial crisis we didn't solve the problems we just put money into the system more money and we know what the interest rates now historic low rates and never more money in the system which just bought expensive time but we couldn't find a solution in the system so within the system it's done it's to the core and it will collapse we shouldn't forget the last course for the crisis was too much money and too little interest rates and now we are lowering the interest rates even more we've got if interest rates and we print amounts of money and we gain some time but we'll never ever solve the problem now and the coronavirus cunto make today another says factories small firms and shops all face major slumps and not just in europe. we see them like the economic implications and not in the example from germany

germany great pick. produce i think for factory work for the folks rock n roll missy dispense it see what will happen if they have to close the entire sector we will be the economic implications of that channel about 2300000000 people in parenting and in lockdown it to the whole italy the whole country is in lockdown mode it's actually you can't imagine what kind of implications the test on the supply chains on the production chains this will be the 1st and 2nd quarter will be a dishonest that the recession was on the way to us anyhow the coronavirus is just the trigger for the next crisis it's a crisis we've never seen the 2 economists i'm not just bestselling authors they also work as investment advisors they design be spoke investment funds for concerned investors or readers of bad books. it's time to invest in limited

assets like gold gold is limited for nature or silver or real estate all of a forest all because for example there are critics who say that you operate with double standards on the one side you make people afraid of the world economy prices on value you say we have the remedies we have the tools to prevent the crisis my old products we don't make them afraid we're. realistic you wouldn't need supplies you have to be a you have to have stocks at home you know like food pasta everything we wrote in the book like 6 months ago and now we see it's happening after the world economy crash the financial world financial system you read both democratic fare and not creating the next monetary system will be backed with gold for example and we will see different totally different banking system many banks will fail.

now africa hasn't been spared by the sickness it was just a matter of time considering the a.p. center of the outbreak was china and there's so much travel and trade going on between the 2 these days china invests in africa to help meet its world materials needs and many african economies have become reliant on china for imports beijing is the key backer of some of the world's biggest infrastructure projects in africa he's an reporter she pointed to. whether that a virus that i was i was in europe and a receptive journey to come back to south africa actually because that's had already paris' people. you know people say should a person they get paralyzed that's feature molly the chinese video blogger based in johannesburg satanical stereotypes about africans and chinese in her videos she's been telling me about the situation on the ground. usually had on our wall of.

visitors i lately as really quiet now you read people read also ahead of time visiting china i know a lot of us are at a business residence. you know what about if you are a hairdresser sorry i don't get people. it's estimated there are more than 1000000 chinese nationals living in africa and meanwhile china has become a leading destination for students. and more than $80000.00 african study there. has been student who was only willing to speak anonymously left china a month ago with the help of his parents. but one of the article i'll write my purpose or was it is it. whatever. i do with it i just have to deliver deterrence if i don't. have the symptoms of it or any sort of. link to the current of her. i want.

tells me he wasn't parenti and in zambia like you would have been in china. to separate china because. because of. this and. i know it's there but i think more so for. that i that sounds a bit contradictory i think they say one is a fact and one is that it now while people may be able to rely on their feelings and perhaps even escape the crisis the situation is much trickier for businesses. china is currently africa's largest trading partner over the past 2 decades the 2 way trade between africa and china has been growing exponentially. porting to china's ministry of commerce it reached $204000000000.00 in 2018. but it's looking like things might slow down. that's already the case in the construction

sector. chinese companies are involved in half of the ongoing major road construction projects in uganda do some work on this doling. we had a few project managers travel to china to celebrate the new year the chinese new year. did not get back in time and saw that has affected us quite a bit but not only the manpower we've also been affected by the inflow of southern materials that are used in this project because they too are a couple of uganda isn't alone several african countries are affected including africa's most populous country nigeria work on a rail segment linking the economic hub of labels and the northern city of kano has been delayed because of the outbreak and the project's financing could also be affected. i am not a man but

a little that he. and i know that ladies and. hong on but we will that not. go back to the shops on just sounds a little girl really wanted an unblinking genius and. any. have a good day thank you. now after speaking with america morning in south africa and examine student what really intrigues me is the fact that the zambian student decided to go back to zambia which doesn't have a very good health care system compared to china's for businesses though there is no escaping the corona virus outbreak or its effect especially if they have strong ties to china.

now that globalization has suffered a setback what will happen is the coronavirus takes a toll on economies where we go local that would mean a huge drop in transportation costs and emissions reese pictures of the air above china showed how 2 months without production help clear the skies and mobile happen to the way we work in a world that's so digitally connected i prepared my part of this show from home. the new virus is spreading rapidly around the world is it time to rethink globalization people move from country to country to travel and work now that's led to stop shortages production stops and shaky supply chains. what does this mean for the future one scenario suggests we could return to thinking locally. that could mean essential goods and medications being produced on domestic soil again ensuring sufficient supplies for the local population. it would make nations more

self-sufficient and with shorter transport distances it could end up being better for the climate too. but it would mean radical changes to production structures among other effects that could result in higher prices in industrial countries and fewer commissions for emerging economies. the 2nd scenario could see globalization accelerating with the help of tele migration. this involves people living in one country and working virtually in others using telepresence technologies these are constantly improving thanks to ever speedier data transmission. a technician in one country could repair a machine and another by virtual means such virtual use of skills would have the advantage of reducing the spread of diseases across the planet. however it would also put all service employees from nears to graphic designers in competition with

each other. whether we end up with more or less globalization the new coronavirus has certainly changed how we view our interconnected world. it has it just be nice to see a little bit more solidarity during this crisis less fighting over toilet paper in supermarket aisles and no cooperation remembering that if you end up pointlessly hoarding a whole lot of stuff at home someone else is probably missing out equally pooling resources is often a good strategy for companies that's especially true for research development and in finding innovative tech solutions to some of today's biggest problems. i love my job. and about different cultures and working methods different social classes and mentalities we bring everything together on one platform.

you want to coordinate collaboration among 150 scientists from 3 universities and between research groups from different fields of study as well as between researches and industry. the innovation lab in hyderabad does research into areas that have commercial potential. that's it's my job yeah i thought it's my job to make the scientists aware of gaps in the market instead of doing research that's not relevant to the market they examine what people need many things that end consumers can later use. production takes place next to the laboratory and insults 3 major companies. one of them is hyderabad talk. the company faces a major problem its printing machines are optimized for paper but demand for

newspapers and books is on the decline. it means to find a new gross market like digital printing instead of newspapers in the future the machinery will print senses is that a niche or a business of the future. vice issue and pursue for any foresight and a little imagination new technologies tend to be hyped in the beginning but it takes a bit longer for them to really come to life of collaboration with universities is very good. we understand each other's specific interests and so far that has always gone smoothly and about this here i think about. how much has he already invested i'd rather not say. the cooperation at innovation lab has been more expensive and more difficult than originally anticipated for old posses so you know if you're fish we have different cultures time doesn't play a role it is university if i need to 5 or 10 years to develop something that

doesn't matter to me as a public servant it's bomb talk just kind of want to listen to this my god it's clearly a balancing act on the one hand we have tax listed companies a stakeholder on the other hand universities aren't profit oriented it doesn't really exist by god that's my balancing act i have to reconcile the interests of both sides. but he believes the collaboration has put them far ahead in the global research race digital printing is ready to be launched on the market the next step is to find a market and customers. the automotive industry in his homeland of vietnam has shown interest could the sensors be used in car seats asian rivals are intrigued by the new technology.

we're proud to have found a technology that we produce in germany an expensive location a technology that we deliver to the entire world. we have a lot of inquiries from china asking to visit our company. if there is no intention to do business with us then we say no right away so what are. you at glen doesn't want to reveal how much the product costs the price is negotiable but he will say that the digital sensors are much less expensive than conventional systems . and we end the show with some cautious optimism the latest data on the slowing down of new cases in china gives grounds for hope chinese state media has been celebrating the trend if the numbers are accurate they could hope that strict measures being posed around the world will manage to contain the virus so i've done my bit in the studio back home now into self quarantine i'm not sick it's just

there's a lot of us involved in putting together such a show and the less direct contact with one another the better for all of us at the gulf see you again soon here all night.

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the boy . this is g w news live from berlin as the world braces for the full impact of the coronavirus ireland's prime minister says we are in this together. everyone has lost a loved one to this virus we are with you. to all those living in the shadow of what is to call we are with you. in many parts of the world.