but maybe that's beside the point, the action and the nostalgia are enough to pretty much guarantee the franchise will go out with a box office bag. see. ah, it's a reminder now about top story. russia says it's forces have taken all residential areas of the east in ukrainian city, obviously very daunted up next his business with my colleague, christy plots and uncle with we're all set to go beyond the obvious citizenship. a man we're all in. as we take on the we're all about the stories that matter to you.

whatever it takes police and i'm following w. fire made for mines 175 years ago. the young start up entrepreneur at a specific goal. 1 build the best article instruments in the world. good size. indeed, his wish has become a reality. 175 years of size starts june 19th on d, w. ah . the world bank slashes its global growth forecast. russia's invasion of ukraine has caused 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 breads and whites to hold new depths. by harnessing the power of the sea, tourists are taking out and flocking in for vineyard tours by boat. i'm christy plats and this is dw 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 sold out in 2022. that slowed on us now was much worse. it's steeper. we've shaved off almost a 3rd of our growth forecast for 2022 to $2.00. 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 the $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 crises. is that the direction we're headed in now?

so i inflation weak growth, i'm go some better way in it already in global circulation. however, the question is whether this were last and what would it take to reduce inflation. there are some similarities with the 900 seventy'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 so 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?

yeah, that i should 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 $982.00, a deep, deep downtown for the global economy. and that didn't 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 modern, she doesn't bet crises, so the risk is with bet. now, draco high rates to record high a dedrick out high levels relative to g p, that a large interest in global bar increase in global barring cost. would again spock that detroit distress in emerging markets and developing economies francisco own saga of the world bank with those sobering words for us. and 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's stimulus package for a high inflation, saying that it was needed to address economic ris, 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 corta 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 some

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 $1.00 trillion a dollar really place a big or a great a role when it comes to an inflation. she also pointed to the work in the, or the warranty, your crane, and the higher prices for an energy, for instance, and food that nobody really could forecast a couple of months ago. now you don't 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, jen yelton has

a couple of ideas and suggestions. some if congress villa really jump on it remains to be seen. i would say is rather unlikely. there is, for example, the idea that jenna yellow brought up and key for her other politicians as well in the past couple of years to bring down the cost for prescription drugs or likely that this will happen. and genet yelled, admitted that she and also the head of the federal reserve gutted pretty wrong last year 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? the w correspondent, julio sa deli, has been following the german economy miss 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 worn ukraine. and he's 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 clear 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 sea 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 voters of clancy, abbe in northern spain, lies a sunken treasure. but it's not from a ship. rick. it's ball her satchel. successful experiment, consult, treasure underwater winery. a you can thing that we are crazy on all the some marketing you know, but say after hundreds of or photo no final. i think we have seen they that defeat

the different evolution of the chemical components. serrato's winery is aging. it's bottles at the bottom of to see the pressure and the wildlife and 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 chains, holly built there with weis doors to a more violent color on their white wine stores. to a lot more winkler, wine enthusiasts have begun flocking to cruiser treasure to enjoy northern spies atlantic coast, while touring the vineyard by boat visitors sample the extraordinary wine. you will never tore another vineyard. under water. you'll never be able to log on a volt right. at a winery but it's just unique to facility can store up to 25000 bottles of wine. it currently holds thousands of bottles of sera, 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 video dw news, youtube channel. and you can also find us on facebook for me and the whole team here in berlin. thank you for watching. drought kills off their head. that children ah, it's the worst feminine 40 years. millions of people are suffering in the horn of africa. and there is no end in sight to the crisis. global 3000 next thought is

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