but i believe the g20 represents 80% of the world economy.r, because power is not in the un. power, whether we like it or not, is in the member states. they are coming together, 80%, they have the chance to prove a co—ordinated action. in terms of the message you would like to give to the world in terms of how they should respond to covid—19, young people in particular, dr tedros ghebreyesus, the director general of the world health organization, has said to them, you are not invincible, don't think this is just something that affects older people or people with underlying health conditions, what's your public health message to the world? and un is ready to fully support it. i could of course be very happy if there would be a global agreement to increase the governors‘ powers that could be placed in the un, but that is not my objective. my objective, at the present moment, is not to stress the un. my objective is to help rescue the world in relation to covid—19. you have a voice though and i ask you to use it now. be responsible, be smart, bu

and that is a very important thing for the g20 to take into account.chanism under the guidance of the world health organization in order for the countries of the g20 to be able to combine different approaches in some countries with the emphasis more on testing and tracing and quarantine, and less on lockouts. countries with less testing capacity stop if there are more lockouts. in any case, it is to be very tough everywhere and in a combined way, an articulated wave stop that represents 80% of the world economy. it is not enough stop even if it is to gather, when the g20 comes, it is suppressed in that part of the world, is absolutely essential not to leave other countries behind and thatis to leave other countries behind and that is why i've been advocating for a very strong package, a package of the level of sumac digits of the global economy. either will be spent by each country itself. you will see what the united states is doing, what the united states is doing, what european union is doing, what the chinese have done. we need two or $3 billion to

will the g20 not just look already advocating for that.there a chance they will not cover their own interest instead of their own interest instead of the whole world? to be perfectly frank i don't have a high level of optimism about this meeting because today the g7, which is an even smaller group of nations was incapable of even coming up with a joint statement because the us is still using the term wuhan virus, so the ability for the 620 to virus, so the ability for the g20 to come together, let alone to help other nations at this particular juncture of high stress, i am not particularly optimistic. it is very difficult because if you are trying to come up with one consensus for the whole world, obviously different countries have different needs, so it is going to be tricky either way. absolutely. what we are seeing is china attempting at this point to leverage its comparative success in treating the coronavirus, something which a lot of countries are pushing back against, the us in particular. we are also seeing a particularly strong op

take it out to g20. what can g20 do at a global level? >> it has to be fiscal policy, not monetary policy. manus: g20 tax policy? >> you want tax cuts. you want cuts for certain industries. i think the tax-cut industry -- the airline industry will be coming for a bailout. payroll taxes may have to be cut. manus: how do you coordinate that as a g20? each country lives in a different economic paradigm. >> that is true. you have to do something about health. infrastructure. all the levers have to be used at the same time. is a global health crisis, not a global financial crisis yet. , but is itrespecting not that we need a much more demonstrative g20 health response? >> which we have not had. manus: what would that look like? >> you want to do something about health supplies area if you look at europe, everyone is keeping their health supplies locally. we don't want to trade them any longer. i think you need to make a major effort saying we are going to ensure health supplies. manus: is that a message that should come from the white house ,

paul: the g20 has finally come together with covid with the icc.e statement is put into practice. we have an enormous need to work together ensuring the flow of medical supplies. we need to see if these trade barriers, the 54 countries, are coming down. the state was weak on the emerging markets. countries like brazil and africa, the preparedness at the political level is different degrees and we need to see that it is not just a national problem. we need to continue to support especially the smaller businesses, and the global economy, the multinationals and bigger organizations can help. 20% of thess than global workforce even in europe and the u.s. we need to be sure smaller businesses are protected. francine: paul polman, thank you so much as always for giving us a little bit of your time, chair of the international chamber of commerce. two fed presidents in conversation with bloomberg. ♪ ♪ alix: false bottom or real hope? equities give up gains after a monster rally. stimulus speed. the house set to pass a $2 trillion rescue package today. just

g20 they xi told the must be closer to global coronation to fight the virus. fight theation to virus. let's take a look at markets. seems like we could still be ending the trading week on a positive note though we are off some of the highs when it comes to asian stocks. we are still poised to end the link the best weekly gains since 2011. u.s. futures are still slightly lower. u.k. futures also down. perhaps that bull market rebound we saw in the dow may not last on friday. we did get the chinese industrial profit number plunging more than 30% for january and february. the dollar seems to be -- the dollar weakness. you see the likes of the korean won gaining 1.3%. indonesia as well has been the laggard when it comes to its performance against the dollar. that is also seeing some decent gains. we are up 4.5%. yesterday, we saw a stunning rally, jumping the most in 20 years. may just be a technical rebound given how extreme the drop had been before. brent and crude, we are still seeing some decent gains. we could be in a freefall given the shutdowns we have seen

you 20 meetings are most g20 meetings are glamorous affairs. but this one was different.onavirus means travel is considered dangerous. the leaders instead spoke to each other in a videoconference. president xi of china calls for swift action to avert a global recession. g20 want to call on all members to take collective actions and cutting tariffs, removing barriers, and facilitating the flow of trade, and to send a strong signal and restore confidence for global economic recovery. >> despite leaders agreeing to collectively increase public spending by 4.5 trillion euros, tensions still remain. u.s.ng is not happy president donald trump continues to use the phrase "chinese virus" to describe covid-19. although a government spokesman says china wants to avoid a public spat with washington over the issue. >> i don't know whether there is a war of words at this moment. the only war we are at, at this moment, is the war against the virus. that is the only war we are engaged in. >> leaders also agreed to coordinate funding and research for a vaccine and to stuff up efforts to

we have breaking news right now out of the virtual g20 let's go to kayla tausche for that >> g20 leaderslier today and the result of that which president trump is talking about now at the briefing at the white house is a pledge of $5 trillion by these countries to help shore up businesses that are affected by the global pandemic. much of this will go through the imf and the world bank a press release that was put out by the g20 just a few moments ago says that this money will go to protect workers and businesses, specially micro, small and medium-sized notes and the sectors most affected and to shield them through social protection and it's part of targeted fiscal policy to counteract the social, economic and financial impacts of the pandemic so no small figure coming out of the g20 countries while we're right in the middle of this pandemic and putting the financial power of these companies through the various international organizations trying to get more money, brian, just into the hands of businesses worldwide >> all right kayla tausche with breaking news there on the g20 thank you ve

leaders of the g20 countries have called an emergency video summitamid the covid—19 pandemic.onomy to minimize the damage of the virus as experts warn the pandemic might trigger a global recession. so how painful is this going to be? david wessel is the director of the hutchins center on fiscal and monetary policy. it is going to be devastating. we are basically in huge parts of the world telling the economy to stop. it's like the umpire blew the whistle and everybody left the field. it is unprecedented, it is sudden, you talked earlier about an increase in unemployment, 3.3 million claims for unemployment benefits. we know that is the top of the iceberg but we have never had a week with more than 700,000 claims ever and that was during the great recession of the 1980s, so it is going to be bad. i think the really important things to make sure that we take steps now so that the virus recedes, the damage isn't permanent and we can restart the world economy. should g20 countries, we talked about them there, co—ordinate their economic response, or can they do so? i don't have muc

made by g20 countries.lier today we held a briefing with around 50 ministers of health around the world at which china, japan, the republic of korea, and singapore shared their experiences and the lessons they have learned. things emerged about what has worked. the need for early protection and isolation of confirm cases, identification, follow-up and quarantine of context, the need to optimize care, and the need to communicate that, to build trust and engage communities in the fight. countries also expressed several common challenges. the chronic global shortage of personal protective equipment is one of the most urgent threats to our collective ability to save lives. who has shipped almost 2 million individual items of protective gear for 74 countries. i we are preparing to send a similar amount to a further 60 countries. but, much more is needed. this problem can only be solved with international cooperation and international solidarity. workers are at risk, we are all at risk. health workers and low in

leaders of the g20 countries have called an emergency video summit amid the covid—19 pandemic.$5 trillion into the global economy to minimise the damage of the virus, as experts warn the pandemic might trigger a global recession. let's go to our guest, david wessel, director of the hutchins center on fiscal and monetary policy. it is really good to have you with us. what kind of economic and financial damage might we expect globally? well, it is going to be devastating. we are basically in huge parts of the world telling the economy to stop. it's likely umpire blew the whistle and everybody left the field. it's unprecedented, it's sudden, you talked earlier about the increase in unemployment. initial claims for unemployment benefits in the us— claims for unemployment benefits in the us- 3.3 claims for unemployment benefits in the us— 3.3 million claims. we know that's the tip of the iceberg, but we've never had a week with more than 700,000 claims, ever, and that was during the great recession of the 1980s. so it is going to be bad. i think the really important thing is to make

response for a global at an emergency virtual g20 summit to plot a way out of the crisis where leadersed to do whatever it takes to combat the virus. he said the number of confirmed cases which has passed half a million is only the tip of the iceberg and the real number is believed to be higher. the number of new depths has spain has-- deaths in surged and remain high in italy. the u.s. saw more than 3 million people make new jobless claims last week. we begin coverage with this report on the situation across europe. reporter: this is how spain is hoping to win the war on the coronavirus. police are among the first to be tested. it is hazardous work for the medical staff. a large number of those testing positive our health workers. in madrid where an ice rink has been turned into a makeshift morgue, more hearses arrived. the death toll is more than 4000, overtaking china. in italy, still europe's worst affected country, the dead have been temporarily stored in churches before being sent for cremation. european commission president urged solidarity. several e.u. countries including germ

g20 leaders vowing to do whatever it takes to stem the virus. what?economy? measures with about 5 trillion dollars. >> in a virtual emergency meeting, saudi arabia is hosting , not meeting in person, they are trying to show a united front. of course, there has been bickering and blame game going on at least between china and the united states on the origin .f the virus there has been blame within the united states as well about the fed versus the states. it seems like everyone wants to blame everyone. the g20 leaders said in their joint statement that they will offer up a united front to combat this unprecedented outbreak. this is the statement or part of the snake as part of the statement they put out. the virus knows no borders as the top line. "we are strongly presented -- strongly committed to presenting a unified front against this common threat. g20 leaders say, as you just mentioned, they are injecting more than 5 trillion u.s. dollars. some countries, multiple stimulus packages either already out there or being mold. he goes on to say "we will

elizabeth: china's president xi h xi told the g20 that china's actions are quote, charitiable.anded that all g20 members take collective actions that would benefit the chinese economist party, cut tariffs, unfettered flow of trade into china. retired major general robert scales. general, your reaction to that? >> hi, liz. boy, tell you, it is amazing to me, amazing to me how dictatorships are no inefficient when they deal with crises but the narrative they put out, always paints them in a positive fashion and denigrates the achievements of the democracy. one thing we learned is a political system best able to deal with crises is a democracy, not a dictatorship like the chinese communist party. elizabeth: general, president xi of china also proposed a global network of control and treatment that would be run by china, led by him. he wants china to have full access to all medical data inside of countries including the maybe even intellectual property related to manufacturers of supplies. these are the demands he is now making, your reaction to that? >> how thinly-veiled is this?

and china are both part of the g20.'s hope that that is going to leading -- step in that will lead to more cooperation. there are a lot of important words in that statement, words we have not seen before used by the u.s. or china, and so let's hope that they can find a way to work together. shery: wendy cutler, always great seeing you. vice president and managing director of the asian society. how the banking sector is -- part of our conversation with ubs ceo sergio ermotti. this is bloomberg. ♪ amanda: central banks around the world have taken action to blunt the blow of the coronavirus. spoke with sergio ermotti about that response. sergio: the actions are unprecedented and are effective in counting down the markets, -- the funding of the markets. i think there are maybesergio: e technicalities that need to be addressed, but i think that central banks and the government have been acting very efficiently at this stage. of course, there is little anybody can do about fear, and fear is probably one of the most dangerous

final by 85 runs in the women's g20 world cupfinal in by 85 runs in the women's g20 world cup final inperry was there to begin the proceedings. after her performance, and it's truly one—sided final, australia absolutely ruthless, posting an imposing score of 18a—a with half centuries and for two players. india we re centuries and for two players. india were bowled out for 99, at the final attendance of 86,000 just feel short of the biggest crowd at a women's sporting event. johanna konta has been knocked out of the semifinals of the monterey open. she was beaten in straight sets. she was struggling with a knee problem and require some strapping. eventually losing 6—3, 6-a. strapping. eventually losing 6—3, 6—a. tyrell hatton se to short lead going into the final round of the arnold palmer invitational. he coped well with the windy conditions, he will begin today on six under par. very michael roy had a relative... he tied on four under with australia's marc leishman. there's a big derby in the premier league today — it's manchester united hosting rivals manchester city at old trafford.

he also hopes to confirm the g20 will work together to minimize the economic impact of the virus. abe also plans to ask for cooperation in staging the tokyo olympics and apa rparalympics b summer of 2021. china is reporting a sharp fall in the number of people infected with the coronavirus. but many shops and restaurants still remain closed. as people are spending m more te at home, online businesses are becoming a key to survival. nhk world's naoki makita reports. >> reporter: this gym chain is opening live streaming sessions with all its branches shut down for two months. the four-week program costs about $40. the company's online sessions have already attracted 20,000 people. >> transtotor: it's n nice thate can get in touch with trainerss right away if f we have any questions. trainerers cararry out their sessions while checking users' comments. >> translator: follow my instructions. your heart rate should ststay above 170. >>>> reporter: a companyny exece sasa it will put more importatae on online services. >> translator: we'll jugglgle t gygyms with onlinine sessionss helplp

general, why is the g20 not delivering? you've been speaking to g20 leaders. why are we not getting a coordinated global response to this virus? why are we not getting a global coordinated economic response to this virus? director-general azevedo: when you begin a crisis of this order of magnitude with the impact it has on people's lives, the knee-jerk reaction of government is to look inwards. figure out what it needs they need to do to address the concerns and the needs of their citizens. the first step is to look inward. that is what they did. they are all setting up stimulus fiscal, soonetary, on and so forth. each country has a different need and a different situation. each one is doing what they need to do to adapt to what the reality is good a second moment is one of more coronation because they will soon realize all they are doing will be much more effective if they are coordinating their actions with everybody else. that is beginning to happen. ofre are meetings now finance ministers, of central bankers, even the trade ministers are meeting next week.

brent: today the dubya ho called -- who called on the g20 to stop the spread of the coronavirus and workogether. is the fear that if we do not have international cooperation, is the fear that we would not be able to bring this pandedemic undeder contl?l? >> we need a lot of resourceses now. not only the cooperation and sharing. sharing the virus sequences and results and therapeutics develop meant and sharing results for vaccine development. we have a lot going on. we have more than 20 vaccine and therapeutics candidate going. and we have a couple of vaccine tests trials going on. so these are all good news. but we also need a lot of financial resources. of course, the world's most powerful countries with 80% of the global gdpdp brougught toger in these g20, that is ththe resources we need now. let's look at what is missing globally in nearly every country. we lacack the most basic things from masks and simple medical equipment to the more sophisticated meaning the ventilators's oxygen may be in hospital beds and that means physically also may besing other facilities to turn into tempora

the pledges came as the g20 met for an emergency virtual summit — held via videoconference because ofis asking for its lending firepower to be doubled — as it revealed around 80 countries have come to it for help with the economic fallout. pernille henneberg is vice president and global economist at citi here in london. thank you forjoining us. i just wonder whether you get a sense that the g20 commitment, the imf appeal to double its lending power, they enough? so we have looked at how much is needed for the global economy given this huge shock that is hip to heading. in the shocks are cumulative. a starting point is that you have a consumer being hit by the lockdown, no—one travels, either domestically or internationally. so that is the first way the economy is set. 0n first way the economy is set. on top of that, you have market uncertainty and general uncertainty and general uncertainty in the economy in investment. a lot of support is needed and everything that can come is kind of what is needed in the economy at the moment. many of these established g20 members and certainly ind

yes as leaders of the g20 having a virtual summit hosted by saudi arabia.ome out a few minutes ago and what they are saying is there are two sets of announcements. 0ne is there are two sets of announcements. one is to fight the pandemic, especially when it comes to the medical requirements, they have pledged to increase manufacturing of medical equipment. which includes testing kits, ventilators which are needed right now in this hour, they have not mentioned how much would be the amount but they have pledged they will increase capacity is and make sure the distribution is equitable across the globe because some countries need these basic medical supplies, they have an acute shortage and they needed immediately. that is one of the main announcements to have come. the second is on the global economy front. they have said they would be ingesting about, injecting about $5 trillion in various economic measures. we have seen a lot of economies and countries have been doing that over the last few weeks. the united states, the united kingdom, europe, here in asia,

on 2009 andook back the fiscal coordinated stimulus from the g20 and wonder if that will be coming.h more important in response to this temporary shock is what countries do at a microlevel. they might not need to spend that much money because you are not talking about a massive boost of demand, you are talking about protection of key parts of the economy. which parts of the workforce are vulnerable, things like that we should be listening for. tom: you are having lunch with prime minister johnson today -- just kidding. could this press conference have happened today with a united kingdom still attached to the european union? was there something about the body language and what we will see from the chancellor later on that is uniquely independent and uniquely brexity? stephanie: i would say the opposite. it is the first time british managed to look good and effective on the stage since we entered the brexit's dog a -- brexit saga. because this is not brexit related and because we are not facing up to those difficult negotiations with the european union, we were able to be at our best

who will do the leadership now and over the weekend to pittsburgh g20, say spirit? the other major heads of state and government will step in and say we have an absolute need to convince the entire world that this is a global issue, this is a global problem. we have health problems which is a pandemic, supply problems and demand problems of first magnitude. we need coordination. the fact that the u.s. could decide to block europeans from entering without any prior discussions or coordination is something which is totally absurd in my opinion. francine: are you talking about some kind of coordination between g20 central-bank members together with fiscal? is fiscal and monetary policy not essential than having 20 central banks cutting interest rates together? again, interest rates in my opinion is not the main problem. the main problem is liquidity, available of liquidity and credit for all those who are impacted and the economy as a whole. it seems to me the decisions taken by the fed were exact the -- exactly appropriate in the circumstances, as well as what has bee

we need unity in the g20 countries who have more than 80% of the global gdp.r—general of the world health organization. the mayor of new york city, bill de blasio, has warned that the city's hospitals have only enough supplies to last until next week. he's urged, president trump to increase the production and distribution of vital supplies like masks and ventilators. new york's governor, andrew cuomo, has attempted to offer some reassurance, saying the state has achieved a higher testing rate, than anywhere else in the world. however, he said competition between us states is driving up the price of equipment. you have manufacturers who sit there and california offers then $4 and they say, well, california offered $4, i offer them $5, calls in and offers $6, it's not the way to do it. i was speaking to governorj.d. pritsker about this the other day, why are we competing? let the federal government put in the federal government put in the federal defence production act. it does not nationalise any industry. all it does is say to a factory," you must reduce this

one follow on g20 because the u.n. ask the g20 countries for more resources, for a coordinated stimulus package on terrorists, waive on sanctions to try to prevent what they call an apocalyptic pandemic. would you consider those measures. >> with respect to what? >> tariffs and related also to waive tariffs and sanction and would you consider to join this global effort? >> before we came here, we weren't into borders. we had a country people could come in. we had a whole different deal. now we're up to almost 164 miles. think of that. 164 miles of wall, big beautiful wall. and in those areas, it's very, very tough to come in. we've been very tough on the borders. i mean, where we have the wall built, nobody's getting through. now they're going around, but that's a long trip. they're going around, that's the way they get through. but no, i'm very strong on borders, and i don't want people coming in here. what i want is if they're going to come in, they have to come in legally, they have to come in through merit. we're n

is there a chance that this back—and—forth could continue at the g20?ind a way to co—operate. this could be an historic opportunity for these two countries to finally come together and work out a solution. the last time these two countries had this opportunity was only the 0bama administration when they assigned the paris accords to combat climate change. clearly, trump decided to rip that agreement apart. but now, there isa-- agreement apart. but now, there is a —— another situation which requires an all hands on deck global response. it is not something anyone country can do on its own, just like the climate change challenge and hopefully this is one where trump can see a way to take some credit and maybe he will decide to co—operate with china on this. certainly, china has already shown their willingness to pull its weight. they have been sending ventilators to the us through tesla and i think there are many more opportunities like that where the two countries can work together to get this pandemic under control. yes, absolutely. donald trump often r

so i am asking the specific issues i said, the most ask g20 leaders for solidarity. one and to act as one because they have the biggest stake in the world. in all respects. isalso recognize that there a desperate need for effective therapeutics. there is currently no treatment that has been proven to be effective against covid-19. see the level of energy now being directed to against and development covid-19. -- will not give us the answers we need. using untested medicines without the right evidence could raise do more harmd even than good. of cause a shortage essential medicines that are needed to treat other diseases. launchedhy the who has the solidarity trial to generate high-quality evidence as fast as possible. i am glad that many countries have joined this solidarity trial. that will help us to move with speed and volume. the more countries that sign up for the solidarity trial and other large studies, the faster and the moreesults lives we will be helping to save. solidarity trial will move faster and we will do bigger. and of course, with good quality. , bi

the g20.means people are now very aware and very concerned, and now they are looking at every possibility. here, the question is not what we are getting to the big numbers now. the big numbers look like there may be enough to the question is how to allocate those resources because they -- there will be different types of needs, individuals are going to have different needs than the small and medium enterprises and the large enterprises. some sectors are going to need more immediate support than others. we also have to think about what -- the crisis is going to leave us, in order to deal with a going forward. we also have to be prepared for that. shery: when it comes to allocating resources, it is important you do it effectively. i do wonder how effective cash handouts are. the u.s. is looking to hand out $1200 for lower and middle income americans. but then we have seen this happen in the past into thousand nine. we are now seeing it happen in hong kong. do they work? angel: listen, at this st

as europe continues to be the worst affected region, leaders of the g20 countries promise to inject $5he number of americans filing for unemployment has surged to a record high as the economy goes into lockdown due to the global health crisis. nearly 3.3 million people registered to claim jobless benefits for the week ending the 21st of march, according to the department of labor. that's nearly five times more than the previous record of 695,000, set in 1982. well, i spoke with matha gimbel, manager of economic research at schmidt futures, a philianthropic organisation that invests in initiatives to advance social prosperity. and andrew stettner is a senior fellow at the century foundation, a nonpartisan think tank aimed at reducing inequality and promoting security at home and abroad. i started by asking mr stettner whether things could get even worse. we think it will get much worse. as many as 11 million americans, which would be an all—time record, will file for unemployment benefits. because of the social isolation measures and the requirements, and also the ripple effect as there

as europe continues to be the worst affected region, leaders of the g20 countries promise to inject $5ospitals in london are having to deal with a tsunami of very sick patients and critical care beds at some sites in the capital could be full by the end of the week, that's the warning from the chief of national health service providers. he said the nhs is also having to deal with unprecedented levels of staff sickness. preparations for a vast new temporary hospital which opens next week in london are underway. here's our health editor, hugh pym. the army comes to the aid of the nhs, helping shift urgently needed supplies of protective equipment like gloves and masks to hospitals, gps' surgeries and other health staff, to help them deal with coronavirus cases, with some areas already seeing large numbers. london, for example. the representative of major hospitals says that, in parts of the capital, they're struggling. the scale of the demand, and the pace with which it's coming, and the fact that they haven't got enough staff to meet it, means it feels like a tsunami. so, in some places

as europe continues to be the worst affected region, leaders of the g20 countries promise to inject $5l economy. as we heard earlier, the number of americans filing for unemployment has surged to a record high as the economy goes into lockdown due to the global health crisis. nearly 3.3 million people registered to claim jobless benefits for the week ending the 21st of march, according to the department of labour. that's nearly five times more than the previous record of 695,000, set in 1982. joining me now is gregory daco, who is the chief us economist at oxford economics in new york. thanks in new york. for coming on. first of all, thanks for coming on. first of all, these numbers are staggering, aren't they? they're almost staggering, aren't they? they‘ re almost unbelievable. what seemed impossible a couple of weeks ago has become reality. unemployed people has surged to levels not seen in the past, we have five times as many people claiming benefits for unemployment last week during the peak worst time of the great recession of the great financial crisis in 2008, 2010. so staggeri

we have the g20 summit tomorrow. support countries all over the world, not only from sub-saharan africa, but all over the world, low and middle income countries. only through solidarity that we can support those countries. from the w.h.o. side, we has started as early as possible to support countries, by providing test kits. we have provided already test kits to 120 countries, and a good number of them are from the african continent. and, ppe to 68 countries, most of these countries are from africa. we will continue to support countries who need our support, and we are negotiating with many stakeholders to build up our special logistics capacity to continue supporting the countries, as we have been doing. .> thank you, dr. tedros: brazil, question, from from somebody else who has also been waiting to ask his question for about a week. please go ahead. >> thank you. is on president bolsonaro, and i apologize for insisting on this. but his remarks last night and over the last days, are they actually putting the lives o

, will have the g20 summit tomorrow, they should be able to support countries all over the world, not only from africa but all over the world with low-income and middle income countries because it's only through solidarity that we can support those countries. from w.h.o. side, we have started as early as possible to stop the countries by providing test kits and we have provided test kids to more than 120 countries and a good number are from the african continent and also ppe 268 countries and most of the countries are from africa and w.h.o. will continue to support the countries who need our support. in many stakeholders to build up our capacity to support countries as we have been doing. >> thank you doctor. the next question from brazil. somebody else who has been waiting to ask a question for a week, please go ahead. >> my question is on the president, i apologize on insisting on this but his remarks last night and over the last days, are they actually putting the lives of brazilians at risk, would you ask him to change his position intake responsibly? thank you so much sir. >> i t

axel, what is a coordinated g20 response, 2020 style? if 2019 was rates, what is 2020? just to get the numbers right, likely, in our estimates, this is going to bring global growth from 3.5% to .5%, which is a massive drop. it will bring chinese growth from 6% to -1.5%. it's the first time in postwar history where china will post a negative number for the first quarter. that requires a response. and the global number basically tells you it is not just china. it is very strongly impacting neighboring countries. hong kong, singapore. the support that the rest of the world can give with fiscal policy is to keep the door open for export and for trade with these countries rather than chatting things down. manus: when i look at markets, 10 year treasuries are at a 30 year low. equity markets are only just sort of slightly shaking. are equity markets underpricing those kind of numbers you just pointed out? axel: they definitely at a downside risk. at the moment, they look at this as sharp decline, sharp, v-shaped recovery, and we are done. that is not going to be the case. nej

here was a concerted action by all members of the g20 i order to be able to address the crisis and toaunch the economies. this time we will need an even bigger effort. i was happy to see that the senate in the u.s. approved $2 trillion, which corresponds almost to 10% of the american economy, but, of course, i'm very worried about the countries the south where these resources are not available and where theig tragedy be a terrible human tragedy. >> woodruff: you're right about what the congress has passed. e president is presumably going to sign it. however, onllly 1 n of it, sounds like a lot of money, but that's .05% of it is set aside for international aid. you called on the developed countrs to help the veloping countries. do you see that kind of support forthcoming? >> we need about $3 trillion for the developing countries, if one looks again at the same percentage of g.d.p. the question is to mobilize in an effective way, in a nonbureaucratic way without conditions that countre not able to meet and to do it massively in support to the countries of the south. >>moodruff: at the s

we need unity in the g20 countries who have more than 80% of the global gdp. commitment, political commitment at the g20 level means a very strong solidarity that can help us to move forward and fight this pandemic in the strongest terms possible. so i am asking the specific issues i said, the most g-20 leaders for is solidarity. to be one and to act as one because they have the biggest take in the world in all respects. we also recognize that there is a desperate need for effective therapeutics. there is currently no treatment that has been proven to be effective against covid-19. it is great to see the level of energy now being directed to research and development against covid-19. observational and nonrandomized studies will not us the answers we need. using untested medicines without the right evidence could raise false hope and even do more harm than good. and cause a shortage of essential medicines that are needed to treat other diseases. that's why the w.h.o. has solidarity trial to generate high-quality evidence as fast as possible. i am glad that many

i was here at london at the g20 meeting.hen i ran into president obama hosting pittsburgh in g20 2009 it was an enormous globally coordinated action this is potentially coordinated but we're not seeing the leadership from the u.s. president, from the big investors globally as well as china and saudi arabia looking at a coordinated fiscal pack j the french finance minister now head of the ecb, she's been through this as well so, for her to say it's akin to 2008, 2009, absolutely right late 2008 we had leeman's collapse, then s&p down to lows, lows, then many months later march 2009 and a month later we saw the g20 in london followed by pittsburgh later in the year. if she says it's like then, we have to take her at her word that this is incredibly serious and we're going to see more from governments and the central banks. >> i hope you have your running shoes on steve thank you for being with us this morning. >>> we're going to join up with erin gibbs who's been with us here erin, what's your take on the action that the bank

, we will have the g20 signing tomorrow. they should be able to support countries all over the world, not only from africa, but all over the world with low income or middle income countries. it is only through solidarity that we can support those countries. from the who side, we have started, as early as possible to support two test kits and we have already provided to more than 120 countries and a good number of them are from the african continent. and also ppe to 68 countries, and most of these countries are from africa. who will continue to support countries who need our support, and we are negotiating with many stakeholders to build up our special logistics capacity to continue supporting the countries, as we have been doing. >> thank you dr. tedros. the next question is from brazil. someone else who has also been waiting to ask his question for a week. please go ahead. >> so my question again is on president wilson aro, and i apologize for insisting on this. but his remarks last night and over the last days, are they ac

as europe continues to be the worst affected region, leaders of the g20 countries promise to inject $5rd earlier, the number of americans filing for unemployment has surged to a record high, as the economy goes into lockdown due to the global health crisis. nearly 3.3 million people registered to claim jobless benefits for the week ending the 21st of march, according to the department of labor. that's nearly five times more than the previous record of 695,000, set in 1982. for more on the staggering figure, i've been speaking to greg daco, chief us economist at 0xford economics in new york. what 0xford economics in new york. seemed impossiblt couple what seemed impossible just a couple of weeks ago has become reality. we have a number of unemployed people that has surged to levels we have not seenin surged to levels we have not seen in the past. an order of magnitude, five times as many people claiming benefits for unemployment in the last week as we had during the peak worst time of the great recession backin time of the great recession back in 2008 — time of the great recession back

is it the g7, g20?k of coordination is every country is overwhelmed and focused on what it needs to do within its own country. many countries are behind the curb -- curve and trying to catch up. this is a new situation. countries are putting all of their resources to tackle it and do not feel they have anything spare now. thinking aboutbe what is happening in the rest of the world and making sure that in industrial countries, it doesn't come back to the emerging markets and developing countries once again to new waves of infection. the right body would be the g20 but it seems to be somewhat paralyzed right now. francine: how much do you worry about countries like india? the lockdown of 1.3 billion people is something we have never seen before, but the emerging economies have a number of ventilators that is far lesser than we have in the west. raghuram: this is a very serious concern because not only does the lockdown keep people from going to work, it keeps them at home and home is not that pristine iso

leader level in this crisis as we saw for example after the financial crash of 2008 and the way the g20p responded. if my quote to you the former uk foreign secretary david miliband, he says i am afraid it speaks to the age that we are living in, there is very little international co—ordination, each country is doing its own thing, fighting for itself, and that heightens the danger. we shouldn't be that negative, there is some co—ordination stopping the g7 has issued a very forceful communication and that was not an easy thing in the circumstances, and that brings me... i've got to stop you, you are clearly a natural born optimist, but donald trump called this the chinese virus. he closed flights from europe without even telling the europeans. you can hardly argue to me that we are seeing successful international co—ordination. are seeing successful international co-ordination. he said that before he finally moved to sign the g7 communique, so you may see that there are a glimpse of hope, but i think that you are right that this is also the sign of times. we have had trade tension, pres

g7 collaboration, g20, we can debate. ladies, setting the agenda on daybreak: europe. annmarie hordern, michelle jamrisko. my guest is the economist at schroders. good to see you this morning. our markets pricing a global recession? >> hi. thanks for having me. it has all been about the coronavirus and it is interesting to wake up this morning and headlines for oil prices, this will be a major hit to sentiment. it will hit oil producers and usually when we have an oil price shock like this on the supply side am a we tend to breathe a sigh of relief as economists because this tends to reduce inflationary pressures, put more money into households pockets and we can increase growth but in this case, with the shock of the coronavirus, it will be difficult for people. people quarantined at home will not spend money. as we reflect here this morning, in 2008, we faced liquidity risk, gfc. you are waking up to a map of coronavirus which is ghc. a global health crisis. for plan --ping monetary policy response and fiscal response, but is it that we need more of a global health r

you don't have the g20 even hosting meeting right now, though they really need to.ou don't have the americans and the chinese figuring out how we can together respond to the coronavirus. it would be a good thing if we can do that. we really can't. i think it is structural, but president trump individually, his unilateralism, transactional is him, the way he sees allies and institutions, all of that has made it more challenging. do you think saudi arabia and the united states should work more together? arrangement with russia is now poached. do you think something else will replace it, the third leg of the store will be in the united states? ian: when you said saudi, i first thought you were going to talk about the g20 because the ,audis are hosting at this year or at least are supposed to be. we still have several months. in terms of opec+, yes, cooperation is dead, oil prices are plummeting. but they have the economic resilience to keep this more going for a while if they want. the russians aren't going to listen to the americans because they are more than happy to

it's in the g20 countries. it's he poor living among the wealthy including 12 million americans have suffered from a neglected tropical diseases. so we need the others to show some leadership. and work of the state departments and others. >> thank you. the gentleman from california is recognized for five minutes. >> thank you. i think the chairman and the witnesses. very useful and informative. how can social sciences aid us in understanding how to stop misinformation during an outbreak? >> so, misinformation during breaks is the big problem and i think it's a very complex problem. so, social scientists can help us understand with the best messages are to help people understand when the rumors they're seeing are false. so, to improve our messaging, the type of ways we are trying to communicate with people, how to convince them, you know, the facts rather than believing in these rumors. but i also think that there is an we need to develop an entire strategy here. we need to think about all of the different stake