alerts i made a record high temperatures, authorities or warning the extreme heat compose a change or to the health of everyone, not just the vulnerable the thing is update this our more news headlines coming up at the top of the hour. in the meantime, stating for this mess with christ cobra. that's coming up. next, i'm quite richardson in berlin for me in the whole team. thank you so much for watching the people and trucks in general and trying to free the city center. more and more refugees are being turned away. these correct only pieces. extreme

200 people around the world. more than 100 each. we ask why? because no one should have the make up your own mind. me for mine's of the the robust consumption and interest rate hikes showing their impact the asian development bank says economic growth in the region is likely to remain solid as inflation is coming down more from the bees chief economy. also on the show will tell you why ukraine wants to continue

shipping grain via the black sea for spice russian attacks on the port of odessa. and despite the kremlin withdrawing security guarantees to ship course cobra rub comes with the program. strong consumption means developing asia is on track to grow fast on the sea or even though global demand is weak. that is the latest assessment from the asian development back. the manila based lender has updated the ticket on the outlook for $46.00 countries of the region from april and it's keeping it's 2023 growth forecast, a 4.8 percent. it has revised it's forecast for next year, down to 4.7 percent because of risk such as rushes war on ukraine. and the b says inflation is heading back towards pre covered levels. the bank has cut it's inflation forecast to 3.6 percent this year. let's take a closer look at the report with the agent development banks, chief economist,

albert park, albert, welcome back to the w. so it'd be as cold as inflation forecast. the 3.6 percent this year. what does that mean for the people living in the 46 economies you're keeping an eye on as well relative to earlier this year. we're now forecasting energy prices to come down a bit. so our forecast is for oil prices to be 80 dollars this year, 84 dollars next year, which is lower than before. and so with lower energy prices also following food prices, we think it will provide lower inflation than we had previously predicted. and levels that are starting to get back to pre pandemic level. so unlike many other parts of the world, inflation is much more modest. here, china in particular, is reaching very low levels, has been very steady at us as showing very low levels of inflation. and there's even the risk of deflation there and china, some are saying there will be more monetary tightening though in the united states

. i'll be moderate tightening and the european central bank wants to keep raising interest rates as well. what will be the knock on effects for developing asia as well? obviously, higher interest rates in the us or europe put financial pressure on the region. so it leads to money kind of worth of funds flowing away from asia and back to the west. it creates pressure for depreciation of currencies. so because there's so much uncertainty about how much tightening is really needed in the us and in europe, i think we'll just have to take a weight and see we're certainly priced in some continued increases. but if the core inflation remain stubbornly high in the us in europe, and the fed and, and the european central bank continue to be aggressive in raising hikes more than expected. then that will certainly create financial pressures in the region in asia,

which will not be good for growth because eventually it may lead central banks. and the reason to want to raise their interest rates in response, which will kind of cut off investment in grow. right now, we already see monetary policy and asian economies, moderating much fewer rate hikes, even a couple of countries starting to cut interest rates to continue and support the recovery from the pandemic. now you're expected china to reach its growth target of 5 percent. uh, ged gross does here what makes you so optimistic a given the latest rather lukewarm economic data coming from badging a well actually in our april forecast we said 5 percent in our update. that was least today we're sticking to 5 percent. buyer present is actually lower than most other organization does. we're forecasting 3 months ago and still even today. so i wouldn't say we're overly bull. this is just that. um, you know,

there are reasons to expect continued recovery from the pen to make it amazing. many asian countries, you know, after countries moved away from locked down 6 cetera, we saw a pretty steady increase in demand and recovery. and that is still supporting growth in many countries in the region. it's really, it's been domestic demand story, robust demand, as well as robust investment that's driving the 4 point a forecast we have for the reason, it's china. the recovery is very sluggish. we see that the day the numbers don't look great. they're still high unemployment import demand from china has been very disappointing, which would be of course, a boon to other countries in the region. if it meant that the china would be a better export market. that's still not really developing the property sector. and china is also having some challenges and so for all those reasons, the recovery is sluggish, but we still are optimistic that you know, the government will provide some modest supports. and then eventually we're hoping

the chinese consumers and investors in that, in terms of the businesses, we'll start to re getting confidence in was part to see some of the recovery momentum of the park chief economist at the asian development bank over thank the same with the chinese property sector, financial markets are still trying to digest that real estate developer ever grad disclosed a net loss of over 150000000000 dollars 420212022 nearly $340000000000.00 in liabilities. staggering losses. highlight however, grams massive debts remaining serious concern for the financial health of the chinese property sector and the world's 2nd largest economy. overall, the real estate sector makes up about a quarter of the chinese economies. growth and ever ground is one of china's largest builders of apartments. for more, let's cross over to the w correspondent, thoughts on hand and tie,

paid so loss of $113000000000.00 over 2 years. how serious is the situation forever grand? the company that the chinese government has tried so hard to keep alive what it is very serious evergreen's. net loss is around the number of global average of g d p. and they set a record for the highest last ever recorded by hong kong listed company, evergreen's, cash and equivalent assets almost amounts to nothing in the face of such a huge hole. and everyone has to be spending too fast in recent years. so it's too big to fall. if advert, grant goes on bankrupt, it will cost a domino effect, which will affect the credibility in financing at all the whole real estate developers and paralyzed the real estate market. like germany's 50 percent home ownership rate, china has home ownership rate is 87 percent. when the real estate market calls

private investment will definitely follow. so it will have a huge impact on chinese economy. a ton of property sector is incredibly important to the country's economy. what do evergreen's problems tell us about the state of the sector? overall? a while before corvette the real estate party, it was an important driver of china's economy excess. so in the past 2 years, the officials to launch a series of policies to guarantee the delivery delivery of buildings hoping to reduce the impact on the housing market. multiple damage has now emerged, not just the construction industry and services related to home viewed in itself. as i mentioned, the home owners also come back on spending for fear of losing the most valuable asset, which in turn impact private consumption. more to that many enterprises in china use real estate as collateral for their loans. overall, the shadow of the real estate market is likely to continue to lose over china

economy for not just an hour to the end of this year. but for a long, long time, no, not staying with the bigger picture here. so evergreen's struggle problem, the fears about possible shockwave. so the global financial system, the chinese central bank says, well as problems can be controlled and it's unlikely that they spill over. how reliable is that sort of an estimate? of course, we can totally expect that coming from the chinese central bank. but the impact on the global financial market and economy is unpredictable because everyone's a long involved many international financial institutions, such as s, s, b, c, and credit suisse, etc. so it's bankruptcy may trick of financial risk and crisis that china can not control. so every brand is now look into the constructor, it's offshore debt and provide more help to its creditors. if it works, it could allow everyone to act quickly to avoid

a potential crisis due to actual lawsuits over default. and we can observe that if they think will increase, do more, less measures, like cutting interest rates, any increase in support to local governments. other than that, we'll have to wait and see you w correspondence, old song hand and type aid. so thank you. are you currently in presidents loading? theres lensky says, reason and russian attacks on the port of a desk deliberately targeted infrastructure necessary to export grain on monday, the kremlin halters in agreement to ship. your brain grand across the black sea, germany says will support your crane and finding other export roads is key of once to uphold the shipments as a source of revenue. the sam some the last ship that will bring agricultural goods out of ukraine into the rest of the world. moscow has forbidden further exports and says the safety of cargo ships will no longer be guaranteed, issued a warning against shipping exports without russian permission. he said to the

combat zones outright nearby, that's the thing that a certain risk is there. you know, maybe the blockage is especially bad for people in east africa. afghanistan or young man who rely on these goods. the u. n. world food program warrens less green coming from ukraine, could cause a shortage increasing prices worldwide. one's been going to the for us just being sex thing. the difficult decisions that i had been, i've been who do you get involved fractions to that was all, can you cut out all together for it? i, the answer should be no one. and these are really heartbreaking decisions that my colleagues then have to make on the ground. samsung's last load is 15000 tons of rapes seed headed for the netherlands, not one of ukraine's main buyers. its top purchases are china, followed by spain and turkey. these 3 countries alone, import half of ukraine's grain ukrainian presidents lensky now wants to explored more without russian approval. from the one's perspective,

it's wishful thinking. was this 95 you were you shipping companies are willing to take such a risk line which a insurance company is insure merchant ships passing through it was own as a samsung left, the black sea, the port city of odessa faced russian attacks during the night under the reminder of a top story for you at this hour. the asian development bank says strong consumption means developing agent is on track to grow faster this year. the global demand is weak databases. inflation is heading back towards pre coping laptop. that's our show for now. for more check out our website at w, w dot com slash business, and of course the dw, use youtube channel. of course cobra roland from me and the entire team. thanks for watching. every successful, the

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