i a group of canadian and american players have founded the professional women's hockey players association, their long term goal to create a cross border league where female athletes are paid as professionals. and don't need to work on the side. each of queens on the ice there. that's all for me up next business news with my colleague christy plants and i'll see you tomorrow with sh her again that i work that tags and in the end is a me, you are not allowed to see you anymore. we will send you back. are you familiar

with this with the smugglers with lions as of the what's your story. ready i was women, especially and victims of violence in take part and send us your story. the chain always to understand this new culture. so you are not a visitor, not a guest. you want to become a citizen. in phil migrants, your platform for reliable information. mm. ah, the world bank slashes its global growth forecast. russia's invasion of ukraine has cause a severe economic downturn and put emerging and developing economies the most at risk will get an expert breakdown. also on the show,

germany's vice chancellor is in the middle east where he hopes to broker major energy deals are correspond, it is on his trail. and in spain, a wine maker is taking his reds and whites to hold new deaths by harnessing the power of the c. tourists are taking out and flocking in for vineyard tours by boat . i'm christy platz, and this is d w. business. the world bank has flashed its growth estimate for the global economy. it now forecasts 2.9 percent for 2022. that's significantly lower than the 4 point one percent the bank predicted in january. the war in ukraine is compounding the damage done by lockdown. some china supply chain disruptions and rising inflation according to the bank. growth is expected to remain sluggish in 2023. now, the world bank warns that many countries could fall into a recession with poor nations hit the hardest. we go now to francisco own saga in london. she is manager of the prospects group at the world bank. now francisco,

the previous forecast in january. this was before russia invaded ukraine. can you tell us, how is the war factoring into this more pessimistic figure? even in january before the war in ukraine, we had already anticipated a seat gross sword owned in 2022. that slowed on us now was much worse. it's steeper. we have shaved off almost a 3rd of our gross forecast for 2022 or 2. 2.9 percent that's coming from 5.7 percent last year, but it's not just steeper. it's also accompanied by a 14 year high in global inflation. that of course has echoes of to $970.00 stuck place. this is absolutely the next question i wanted to ask you about. we did see similar economic conditions in the seventy's. we also know that that was when emerging and developing countries were hit by financial crisis. is that the direction we're headed in now?

so i inflation weak growth, i'm go some measure, we're in it already in global saturation. however, the question is whether this will last and what will it take to reduce inflation. there are some similarities with the 970 s, especially that steve grosso, down after the 2020 global recession. that's actually even steeper than the gross sold on after the 1975 global recession. the other similarity is that such an energy and food prices, some energy and food prices over the last 2 years have risen fivefold and nearly doubled. and a 3rd similarity is the past decade of very easy monetary policy. so that is the risk that we're seeing a repeat of a prolonged period of high inflation and low growth. that is not the most likely scenario. that is a risk scenario. we're talking a lot about stagflation here. what actually happened at the end of the last period of stagflation in the seventy's?

yes, i just 70 stuck places. very sobering lesson in the end. to bring it to an end, it took a monetary policy re, tiger, took global interest rates to double up to 14 percent, but united $75.81. and that triggered the global recession of 1982, a deep, deep downtown for the global economy. and that in turn that down to and plus those interest rate hikes sparked overseas of financial crisis in the emerging markets and developing economies in a 19 eighties. we saw more have she doesn't that crises. so the risk is, was best. now drake, out high rates and to record high, oh, then i drank out high levels relative to g p. that a large interest in global bar increase in global barring cost. won't again, spock that detroit distress in emerging markets and developing economies francisco own saga of the world bank with those sobering words. first,

i thank you so much. thank you. us treasury secretary, janet yellen has admitted that inflation is at unacceptable levels, but insisted it's a global problem. while speaking at a senate finance committee hearing, she puts she pushed back and senators, who blamed president biden stimulus package for a high inflation, saying that it was needed to address economic risk risks last year. that included preventing high unemployment and poverty. but many americans feel that the pain of high inflation and fuel prices is outweighing the strong job market in the u. s. and the roadways or from warren this i want to bring in my call against quarter in new york city, yann's us inflation is at 840 year high right now. we just, i, as i just said, republicans are blaming president, binds nearly 2 trillion dollar american rescue plan that he introduced last year. what did he yellen have to say about that? nicholas, they're not just the warm well coming up for the head of the treasury at this said

senate, tearing well the answer from a genet. jaelyn was pretty clear. she said that almost all develop nations are facing this high degree of inflation and those nations actually have a very, a different fiscal policies. and therefore, she can not share the argument that the american rescue plan in the amount of 1.9 trillion. a dollar really plays a big or a great a role when it comes to an inflation. she also pointed to the work in the, or the warrant, the ukraine, and the higher prices for an energy, for instance, and food that nobody really could forecast a couple of months ago. now yellow, seem to think that congress had room to act in terms of easing up the pressures of inflation for americans. what did she actually suggest today? yes, jemma yellen has

a couple of ideas and suggestions. some if congress will really jump on, it remains to be seen. i would say is rather unlikely. there is, for example, the idea that jenna jello brought up and before her other politicians as well in the past couple of years to bring down the cost for prescription drugs for example, or to have additional investments when it comes to renewable energy. so meaning it creating more energy, so to bring prices down a but in the political environment we are in right now. it seems said not that likely that this will happen. and janet yelled, admitted that she and also the head of the federal reserve gutted pretty wrong last year, or when they called inflation a transitory problem. yann's court in new york, thank you. germany's economy and climate minister robert havoc is in the middle east. he's looking to secure new sources of energy as russia's war, and ukraine continues to cast a shadow over europe. speaking in israel yesterday,

he praised the country suggestion of working with egypt to bring gas to europe. in may, you leaders agreed to drastic cuts in the reliance on russian gas dw correspondent julius, our deli has been following the german economy mess minister on his trip through the region. she sent us her assessment. energy is at the center of this trip to the middle east by german economy in climate, minnesota. but hubig now germany is in quite urgent need to substitute russian gas because of the war in ukraine and is looking for other sources of the fossil fuel. now israel has a big stock of this gas and fields that have been found around 10 years ago, off the coast of israel, and is ready to export this gas. but for the moment, infrastructure to bring the gas to europe is not there. there are plans to build pipelines across the mediterranean, their plans to build ellen g terminals to get the gas from israel to europe. but habit has make clear that these plans won't bring gas to europe and germany

specifically quick enough. it will take too long to build the infrastructure to get the gas there. and that will be at a time point when germany will already want to have started to move away from gas and shifting more towards renewables. but habit may cleared that the region is at the center of a push for more renewable energies. he says he believes that cooperation between these states and countries that sometimes don't really see i to, i can be promoted through the development of renewable energy starting from green hydrogen that can be produced from the sale and eyes, a see water. and also from the great potential that some of these countries have to develop solar power and solar energy. and in this case, germany would be ready to support such projects with partnerships and also with funding in the region. now to some of the other global business stories making news . european officials on tuesday agreed to propose you legislation requiring

a common charger for smartphones, tablets and laptops, beginning in 2024. they believe a standard cable for all devices sold in the u will cut back on electronic waste. but i phone maker, apple argues a one size fits all charger would slow innovation and create more pollution. russia's foreign ministry has suspended a 1998 agreement with japan that allowed japanese fishermen to fish near the disputed southern curl islands. moscow said it was forced to suspend the agreement since japan failed to make the payments required under the deal. in northern spain, one winemaker wanted to know what happens to a bottle of red at the bottom of the deep blue sea. the result, the salty waters of the atlantic created a whole new wine tasting experience. deep in the waters of plenty. a bay in northern spain lies a sunken treasure. but it's not from

a shipwreck. it's ball has serrato successful experiment console, treasure underwater winery. a, you can see that we are precis and only some marketing, you know, but say after hundreds of or photo, no final, i think we have seen they, they that defeat the different evolution of the chemical components. serrato's wineries, aging gets bottles at the bottom of to see the pressure and wildlife in the water changes the winds. characteristics into something out of the ordinary. so for us was may cory, us see that say every time they so that they color st. halidol, they're otherwise doors to a more violent color on the white wine stores. to a lot more winkler, wine enthusiast, so begun flocking to cruiser treasure to enjoy norden, spain supp plan to coast while touring the vineyard by boat visitors sample. the extraordinary wine will never tor, another vineyard. underwater will never be able to log on a full,

bright eyed winery. but it's just unique to facilitate can store up to 25000 bottles of wine. it currently holds thousands of bottles of sierra white grew nash and viani all that's all we've got. if you'd like more checkout d, w dot com backslash business and there's also the d v d w news, youtube channel. and you can also find us on facebook for me and the whole team here in berlin. thank you for watching. when the c schemes up in the arctic ocean, marine biologists are researching under water climate change, bringing the changes on not just

a warning sign. rising water temperatures are becoming an existential threat for the entire echo system. close up next on d, w. the 77 percent this week. so we'll be focusing on parents and the unique set of challenges that young people are facing as they try and raise the next generation. including high maternal mortality rate and some african countries and the burden of stereotypes. mothers deal with the 77 percent in 60 minutes on clean w. ah, it is a secret and a seemingly endless one action. the conflict between iran on the one hand,

and israel in the united states on the other. with more than 40 years, the adversaries have been irreconcilable. there is never been any real dialogue. how did this confrontation begin? how great is the danger that it will spread? the long war? he's really, iran usa starts june 15th on d. w. ah, the arctic hind to a giant ocean credit, so the oca or kill the way.