it is a free ride usually skills the most famous buildings in paris but now he's limited to taking 2 routes that are within 2 kilometers of his apartment 25 year old says he's noticed the air is now a lot fresher with less traffic. there rob what is up next with his freshly w. business news he'll be right back stick around for that. corona crisis you can find more information online at g.w. dot com and on social media channels.

the scoreboard is simple as it seeks. to understand the why. we need to take a closer to. the experience not. true today. the worst economic hit since the global financial crisis figures show us g.d.p. fell by almost 5 percent in the 1st quarter the downturn is just getting started. meanwhile the german economy is heading to a record breaking recession. the

u.s. economy has seen its biggest quarterly dip since the global financial crisis 12 years ago g.d.p. shrank by 4.8 percent during the 1st 3 months of the year as the coronavirus pandemic took a heavy toll the u.s. economy all but shut down during the last 2 weeks of march since then more than 4000000 americans have applied for unemployment benefits the drop in g.d.p. and the united states longest ever period of economic expansion. and on that let's bring in our financial correspondent yen score who's in new york yet means a looks bad but it could be worst on the way couldn't that. clearly things will get worse before it turns better if you look at the past quarter the lockdown hasn't really started before the end of march so there are some estimates that in the current quarter the u.s. economy could contract by 30 percent plus before we might things to

brighten up a little bit in the 2nd half of the year especially consumer spending was down quite a bit and then also the service sector obviously got hit especially hard. the federal reserve has just. discussing guiding us economy through this mess. where there was one phrase that was quite telling from the fed chairman jerome paul he said lending is not spending so the federal reserve is trying to do whatever is possible but at the end it's the treasury department it's congress that really have to give out more money to companies and to the u.s. population the federal reserve can lend money but they will need to get the money

back at a later point but this lending is very crucial because what the federal reserve tries to do is to prevent at least the financial crisis even if it can not do that much to prevent the healths crisis and also the economic crisis so but the federal reserve also said they are going to do everything possible in their power to soften the impact of the coronavirus and also off the economic down of the markets overall by the way they reacted positively the dow jones industrial average was up by more than 500 points so that was another gain of more than 2. percept. thanks yemen's quarter our correspondents in new york and sticking with wall street have something of a flurry of results coming injuring wednesday let's bring you the main headlines that . boeing says to cut production and shed 10 percent of its workforce around $16000.00 people the u.s.

plane maker says the aviation market is frozen because of the coronavirus pandemic exposed to a 641000000 dollar loss for the 1st quarter of the year. meanwhile european rival airbus says it lost $515000000.00 during the period. facebook's or endings climb as its user base grows during the pandemic the social media group $4900000000.00 in the january to march quarter more than double the amount made last year and we've also heard from tesla which has exceeded analyst expectations for revenues it posted its 3rd straight quarterly profit electric can make increased revenue by almost a quarter to 6 1000000000 dollars in the 1st 3 months of this year they're also managed to boost deliveries despite struction caused by the corona virus outbreak. now the coronavirus crisis is also hitting germany's economy with full force the

government predicts this year will be the worst in its history with g.d.p. for even further than joining the global financial crisis but there's at least some hope for a better 2021. the german economy minister nothing but do you mean clean to offer on wednesday the global knock down because of the coronavirus pandemic has left a trail of destruction german exports are predicted to slump by 11 and a half percent this year. the german economy has been struck hard both internationally and domestically. we believe that this year the german economy will shrink by 6.3 percent. its all its exports and. the aim now is to preserve the very fabric of the german economy requiring billions of euros of investment from government coffers he sat among the proposals on the table or premium on new car purchases. while easing lockdown restrictions will help

restart the economy there is no quick fix. we will see a gradual relaxation of restrictions we hope that the days we receive in coming days will permit us to do this but even so we will not be able to revive the entire economy at once. and. experts think the crisis will bottom out in the 2nd quarter and then things should start to pick up but the economy minister says it will be 2022 before we see germany's economy functioning pre-colonial fairish levels again. and half of the global workforce a 3300000000 people could lose their jobs because of the coronavirus pandemic the alarming find the international labor organization anyway which says workers in the informal economy likely to be the hardest hit. nearly 1600000000 workers without

proper contracts or on short term contracts are in immediate danger of losing their livelihoods because of the coronavirus pandemic we estimate that the average income of informal economy workers around the world the hit will be 60 percent these are people who don't earn a lot of money in the 1st instance so the fellows the most vulnerable desperately need international solidarity assistance simply to survive hundreds of millions of enterprises are struggling to survive during the prolonged lockdowns the international labor organization says governments will have to provide assistance to companies in the most vulnerable economic sectors to prevent job losses that's retail and wholesale its manufacturing its business says we are seeing that some 436000000 enterprises around the world are at high risk of going on as governments across the globe stepped up assistance to counteract the

crisis the i.l.o.'s urging them to speed up procedures for unemployment benefits extend support to independent workers and fast tracked access to loans for small and informal businesses that will help preserve jobs now and boost labor demand once the recovery phase begins. coronavirus is also having a devastating effect on the 22000000 east citizens who work in agriculture in portugal where farmers are deeply reliant on exports to elsewhere in europe a return to normal business can't come soon enough these cabbages on a farm near lisbon are ready for harvest and good weather means it will be a good yield but value cost doro from the cooperative aren't sure that they'll find any by years. no nothing just says there's a so i see the beginning of the week

a customer can say they want 3 or 4 pallets sent to them by the end of the week but by mid-week they change their mind because they don't have any transport and then i'm just stuck here with this project so i can't sell you some study not conceive ended up with. rising transport costs and declining demand are $2.00 major problems and at a crucial time 80 percent of the vegetables are usually exported between april and may which i think i'm sick on the scene when you work in agriculture you always have to factor in weather but now we also have this situation it's creating a lot of uncertainty and we don't know what we're going to do or what the future holds himself that was. just a few kilometers away a farm is harvesting new potatoes it's a product that's usually sold domestically but hotels and restaurants are closed and the farmers are starting to feel the absence of the usual tourists. home there are just

a lot fewer people in the country right now which means there's a lot less demand for a producer cost me the bill i'm now. traders at the wholesale market in lisbon are also seeing the effects of the crisis on the locals the country is cooking in crisis mode. will be the consumers are focusing more on staple foods like vegetables for soups potatoes onions and cabbage. but the whole so workers generally seem more optimistic than farmers that things will go back to normal soon. find you koester is tending to the leaks that should soon be leaving these fields for spain and france because he's a not only the damage is enormous so we have to say seeds for the next harvest soon but if we can make money from this one then we won't have the means to do that let us put off is it. this uncertainty is weighing heavily on the whole country the

international monetary fund predicts that the portuguese economy will shrink by at least 8 percent and the unemployment rate will double. and finally here on business during this crisis we have seen all sorts of creative ways of dealing with the economic pressure well one cash strapped buffalo farmer in southern italy converted production of his prized catch a fellow cheese into a unique investment opportunity to help keep sales going introducing cacho ballrooms buyers page a subpoena raising for a teardrop shape for the cheese and receive a phone promising delivery once their traditional speciality has a spinoff to enjoyment some who brought a bit of wine sounds lovely great stuff thanks for joining us.

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