european commission president who was left on the line has addressed well, leaders on the opening day of the world economic forum in switzerland, about unwavering e. you support the ukraine and unveiled plants, the europe screen, transition of next stephen basically with dw business looking at slowing growth in china and its impact on the world economy is more at d, w dot com until you let it go for myself and the team ah, is this your thought say what grade will

be about a medium global law. give a lot done, but again, i was coming to that and i giga or did you? yeah, but you order that up. job media dog guarantee. more people than ever on the news world wide incentive with many nicky. a get find out about on the story. info my grand oh, i'm from beardsley in berlin. here's a look at our top stories. china post 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 in the u. s. as businesses pull back from well, big moves will go to our correspondent in new org,

walk up to 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 that beijing had targeted. the countries harsh coven restrictions which locked down entire cities, as well as troubles, and 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. measures such as the crackdown of tech titans like jack mark, jack, mom, and the economy busing. 0 co policy have rattled investor nerves. china is now moving to ease fears of return to a planned economy and sent vice premier leo hook to davos, to reassure leaders there, take a look. function. humor is socialist market. economy is 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. bafflement us again who, who so some people say that china is going for plant economy mode or ease that is by no means possible dart in a tissue. we stay committed to deepening the reforms, supporting the private sector in its growth and promoting fair competition from type of housing monopolies and championing entrepreneurship is a market is not an after thought. okay, where we must open up, wider, didn't make it work better with joe to move through you. chinese vice premier leo. her speaking there will also in davos, my colleague, christie plaids, 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 of 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's not just important directly in the fact that they impact global growth through their consumption base. they're also an important passage way. 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 coded 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 allied, 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 set 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 wages in the context of slower growth and higher inflation will 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 and 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, 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 economist, neil richardson. thank you. so much for having and out of some of the other global business stories making headlines. protesters have taken to the streets of marseilles, 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, the 3000000000 euro contractors for 1200 electric locomotives. they'll be built at a siemens mobility plant in india and used for freight transport. midday 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. the silver who has aim to put more women in leadership positions, calling it a break with his predecessor jabal scenarios, policies in jury selection began to say in the civil case against ilan 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 let's we rally and tesla shares, which ended abruptly when the buyout did materialize. right over to wall street

now and jens acorda, jens, we heard earlier, 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 yeah, 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 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 boom in a big deal in i. p o. so a company is getting a public on wall street and everywhere else on the globe, but that's the 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 industries, 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 a half percent here in the tuesday session. it was that be the biggest loser in the del jones industrial average in the last 2 years for these banks were exceptionally good. and 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 it's happened that and then i'll bet the headache will be the next morning. and so it is not a big surprise that the party couldn't go on or 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 off 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 the bright side radians 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 online. he w dot com slash business. we're also on youtube under the d. w. news channel. i'm see beardsley in berlin. it's watching he kel africa and they are hot commodity b. b chimpanzees, are being illegally traded as a pep symphony. and rangers that the upper niger national parks are fed up. they want to raise awareness of the issue with a wide range of projects to protect to pansy,

loop eco africa. next on d. w. the slow death of an african fishing village. people of tomba in sierra leone have made their living from fishing for centuries, but no time is trawlers are threatening the coast. many villagers have been forced to abandon their families because they have no future in town. need boats empty mass. in 45 minutes on d, w o shoe reset, people the world over d, w on facebook and twitter, up to date and in touch and follow us with 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 all upholstered members alive. now he's visiting germany for the very 1st time. the exclusive interview with donnie di today at 2315 u t. c on d, w ah, with bill lifestyles of bo, then day people require a lot of a they g to produce vot n a g. we've done incredible damage to nature and the environment. but it is possible to do.