i don't, it's vast population to drive economic growth. now it's confronted with an aging shrinking work force. un experts predict this is just the start of a long decline with india soon set to overtake china as the world's most populous nation. and steven beardsley will have more on this and slowing economic growth in china. that's next on business. i'm nicole really for me in the entire team here in our berlin, israel. thank you so much for a company today. ah, every journey is full of surprises. we've gone all out to give you some tips one day and in the footsteps of the race we haven't,

i'm in europe northern most count to please ah, 3 times longer. still very much alive, dw channels, your guy to the special. her thoughts in germany knew it recognizes where exactly. it was fun and i've learned a lot our culture history, all their d. w. travel extremely worth a visit with. oh, i'm stephen beardsley in berlin. here's a look at our top stories. china posts, it's worst annual growth in nearly half a century. we look at what it means for a global economy that's largely built around the asian power. big drop in profits for some big investment banks. the u. s. as businesses pull back from well,

big moves will go to our correspondent in new york. what of the show it's could have you with us. the china has reported its economy grew by a mere 3.3 percent in 2022. that's far below the more than 5 percent growth at beijing had targeted the countries harsh coven restrictions which locked down entire cities, as well as troubles. it's real estate market muffled, domestic consumption during the year, and limited production and exports. also on tuesday, beijing revealed its 1st population decline in 6 decades signaling the countries demographic shift. western businesses have been watching china's communist party take on a more central role in the running of the economy in recent years. measure such as the crackdown of tech titans like jack mach jack, mom, and the economy busing. 0 co policy have rattled investor nerves. china is now moving to ease fears of returned to a planned economy and sent vice premier leo hook to davos,

to reassure leaders there. take a look from cuba as socialist market economy as the direction of our reform, and then we must let the market play a fundamental role and resource a location and let the government play a better role. bob, i'm going to suggest who sang some people say that china is going for plant economy or modal ease. that is by no means possible. guardian tissue. we stay committed to deepening the reforms, supporting the private sector in its growth and promoting fair competition from tra, type of housing monopolies, and championing entrepreneurship is a majority, so not an after thought. okay. we must open up, wida didn't make it work better. joe, to usual you chinese, vice premier leo ha speaking there will also in davos, my colleague,

christie plants and she recently spoke with neil a richardson, richardson, she's chief economist at adp research institute about china's importance of the global economy and the prospects of looming recession. i'm joined now by nila richardson. she's 80 p chief economist and head of 80 p research institute in the u . s. nila, thank you so much for joining me today. now we're seeing dismal economic growth figures out of china to day for you as an economist. what's your reaction to this news? i think it's really important news because china was the growth driver heading into the pandemic. and we've seen a reversal of that heading out of it. and so what that means in terms of the world order in terms of the economy is really important. china is not just important directly in the fact that they impact global growth through their consumption base . they're also an important passageway. it's not about just selling to china. it's also about selling through china. and so there is some good news here. the reversal

of some of these very strict coven policies will help that passage way for the rest of the world to get their goods and services through china. but that direct impact of chinese growth on the global economy is still missing. and without the restoration of it, we will not see the economy on the water worldwide scale rebound in the way that the world really needs it to right now. now we've been saying consumer prices growing up quite strongly the last several months. you're doing a session on a living wages here and of us today. tell me more about that. so living wages is a global issue. it's an issue that doesn't get talked about a lot, but there is always an understanding from the institution of the minimum wage in the united states that market prices markets companies don't always pay a living wage. that is a wage that covers basic necessities like housing, health care, education, fuel energy, food. and we're looking at this at

a time when inflation has increased the price of all of these things worldwide. so it's a conflation of the minimum wage, which many countries have adopted, but also the high rates of inflation and shortage is an basic necessity that necessities around the world like affordable housing. so what does the living wage mean after the pandemic? it's even more important than ever that workers actually can provide for themselves in their family. so this panel that we're doing here at the world economic forum, we'll get into the heart of those issues and talk about not just wages, but age is in the context of slower gross and higher inflation. while talking about slower growth, the majority of economists surveyed here by the world economic form said they do expect a recession in 2023. what is your take on this and what do you think that means for the vast majority of people who don't have the privilege of being here with us at divorce this week? so again, it's not just about global growth, it's global growth,

slowing down when inflation hasn't yet returned to normal levels in many areas of the country. and the difference between this year is recession. if it happens and recessions are always different, is that there are more than one drivers of recession in china. it's the cove, it's 0 policies in the u. s. it's the high rates of inflation in low and the fiscal stimulus that caused it. and the aftermath of higher interest rates, because of the federal reserves attempts to rein in inflation and in europe, it is of the war and the ukraine, and the impact that war has had on prices, especially food in energy prices. so 3 totally different drivers of, and of a potential recession, that means this recession has many layers. it's very entangled and it's very complex. it could mean that it's softer in some areas and felt more profoundly and

others. and we don't really know how it will play out, but for the millions who are part of the global economy. it's important to remember that it's really wages that impact workers. and if wages continue to be robust as it is in many places, like the united states because of tight labor markets, and then we'll see some management of higher inflation, slower economy, there's a lot to work out. but the idea i think that you'll see in that outlook is that hopefully this recession is not as deep as otherwise would be if we didn't have such strong labor markets in advanced economies. 80 p chief economy. nila richardson, thank you so much. thank you for having and out of some of the other global business stories making headlines. protestors have taken to the streets of marcell protest against pension reform. frances set to face severe public transport disruptions on thursday as workers join a nationwide strike against the widely reviled plan. through to raise the

retirement age from 62 to 64, and increased contributions required for a full pension. the rail division of german industrial giant, siemens has received the largest locomotive order in its history from government owned indian railways, a 3000000000 euro contractors for 1200 electric locomotives. they'll be built at a siemens mobility plant in india and used for freight transport. brazil's largest government owned bank is under new leadership. tatiana maderos is the 1st woman to ever head bunco door, brazil. she was sworn in by president luis and asked your look lula da silva, who has aim to put more women in leadership positions, calling in a break with his predecessor chavo scenarios. policies in jury selection began to say in the civil case against ellen musk for tweets he sent about possibly taking the electric car maker private and 2018 must claims he had lined up financing to pay for a $72000000000.00 buyout. tesla, the let's we rally and has the shares,

which ended abruptly when the buyout did materialize. right over to wall street now and jens acorda, jens, we heard earlier a lot of talk about davos and about the direction of the global economies, the possibility of recession. now we're seeing that some of the world's biggest investment banks are reporting a steep drops and profits working. tell us we are definitely, i mean, specially a goldman sachs who reported earnings said this said tuesday had the biggest earnings miss in about a decade. profit dropped by a good to 66 percent, but also for example, morgan stanley profits down by about 40 percent. even if that wasn't as bad as a feared. i mean, especially in 202021. we saw a boom in a big deal in i p o. so a company is getting a public on wall street and everywhere i hopes on the globe,

but that's business pretty much came to a standstill in the past couple of months and the banks are not too optimistic. we see at least or only the u. s. financial industry, setting aside and billions of dollars for possible alone losses. so the environment definitely has gotten tougher. and goldman sachs alone losing about 6 and out present here in the tuesday session. and with that being the biggest loser that i'll jones industrial leverage in the last 2 years for these banks were exceptionally good. and he was there not an expectation that these good times were end, or are we looking more at signs of recession? well, i mean, the sure everybody knows that the party will end at some point. we just do not know how that and is and how bad the headache will be the next morning. so it is not a big surprise that the party couldn't go on, could go on forever,

but definitely what has changed is that corporations in general, and also consumers are becoming a bit more reluctant to spend money. so the draw and investment banking actually could go on for a little longer. i mean, so far, the banks, at least the american banks are still profitable. goldman was a profit of about $1000000000.00. and then also we see higher interest rates just that in general, is a license to print money for some of the big financial institutions. but investment banking, for example, is not going so well looking ahead. most banks do believe that we will at least see an architect nomic as slow down. but when j. p. morgan had jamie diamond about a year ago talked about a hurricane that is approaching us. that tone has gotten a bit softer from the big financial institutions. so that maybe at the bright start or i ins, quarter in new york. thank you very much. and he is

a reminder of our top business story we're following for you. china has missed its official growth target. 2 years after the start of the pandemic, the country appeared to be on a path toward recovery, only to be hit by a series of cobra. 19 outbreaks, turmoil and international markets. the persistent property sector slump. right, that's our show for more check us out on line d, w dot com slash business. we're also on youtube under the dw news channel. i'm see beardsley in berlin. it's watching and there the last prime evil forest in durham, in lapland, the land of the sammy lies an ecological treasure. but even here, the timber industry is felling more and more treats. environmentalists and sammy

are teaming up to fight back. it's a song, but they're succeeding. clues up next on d, w to 77 percent. west central africa have the highest rate of child marriage in the world. a violation of human rights. you are 15 at this age . would you want to be married? no. because been a go child, i believe to say there is more to life and get married at the very young age. less is being done to fight this cool pat, to the 77 percent in 60 minutes on d w o, and she's up to date. don't miss our highlights. the d w program on line d w dot com. hi. like, oh,

ah, an exclusive interview with donnie dionne director of the yard wash him holocaust memorial. you vowed that you would never visit germany. what are your expectations? we have to think together how to continue to keep the flame of it all opposed to remembrance, alive. now he's visiting germany for the very 1st time. the exclusive interview with donnie di starts january 18th at 2315. you to see on d, w. m . it's the end of may any naughty and the ice hasn't quite disappeared. the average annual temperature here isn't much about freezing point me in europe's far north primeval forest.