has been done by g 30mf, the oecd, the published something about a year ago.essage is we are not prepared and we should be prepared for this is a kind of natural outcome ian periods -- in periods where debt has been allowed to accumulate at a rapid rate. guy: let me argue a more short-term question, because this is something a lot of people are trying to debate. in your view, how do you restart an economy from the stasis we have seen -- we see now? how do you go back to a more normal environment from a lockdown situation? how would you manage the mechanics? the thing that strikes me at the moment, as tom said, i always thought the economy, the global economy was the kind of accident waiting to happen, and now the virus is the trigger that has done it. i did not in dissipate that. i know -- did not anticipate that. i know bill gates and others have done so. the problem with respect to the lockdown, i remind you the lockdown is only partially a private sector decision. in large part, the government has basically said we need the lockdown to stop the dispersion o

our life expectancy was higher than the oecd median, and then since the 1970s the other oecd countries have surpassed us. i think the root cause is an underinvestment in american human capital and american citizens. >> host: oecd countries many developed countries similar to our own, and so let me throughout a little bit of a thought here because i i see ts through the lens of tried to change policy in government. what i am seeing that our institutions have been changing in ways that create power for the powerful. you do touch on this indie book. you note where you have high wealth divisions, the wealthy and have disproportionate political power which leads to rules that benefit the wealthy. if we think about america today and the inequality that we are seeing between the rich and the poor, we are at a very, very high ratio compared to these other countries. is it possible our inequality and wealth is influencing the medical system in ways that is preventing us if you will from investing the resources on the fundamentals that paved the path for success for ordinary families? >> guest:

in this effort, count on the oecd. >>> all right. let's have a look at the markets. >>> from the "newsline biz" team in tokyo, i'm gene otani. thanks very much for joining us. ♪ as global infection rates of the e coronavirus sword towd d e million, more than 500,000 cases are located in european countries, with more than 47,000 deaths across the globe. the number of coronavirus fatalities in spain passes 10,000 with 950 deaths in the last 24 hours, the highly -- highest daily total so far. the israeli prime minister is forced back into quarantine for the second t time after the heah minister tests positive for the

have a talk wiwith the swedidish minister yesterday and held didiscussionss with you and with the oecd. i'll be in touch with my i italian countnterpart so wt i'mm told all the time and that's got to franance because- it. is eight t to ten days ahead of france. when it comes too login issues so w we can compare their data with our data a and there arare lots of simililarits in terms of the surge e in domestic violelence. and alsoo when i it comes to response mechanisms so the- conversationons are very valuabe to exchahange b best pracacticet i. said earlier abobout the h hp spspots in supermarkets. this is an international best practicee that has been selected by the united natations andnd shared by other n nations which meansns tt women. all over the world can he should use this mechanism. this is a facility in supermarkets are going to retain it afteter lockdown iss stopped. also comeses to mind is out o of thahat that t the lockn is forcing us to work in innovative ways it's a also an opportunity for other stakeholders to get involvlved. but with examplee the olympic gymnast say soc

we spoke to william white formerly with the oecd and he made clear we have to figure out a way down thed to lose the debt burden, to lessen the debt. do you have any optimism we can grow our way out of our additional trillions in debt? stephen: that is what we did in the aftermath of world war ii. show aners i just cited incredible spike in the debt burden for advanced economies, and the one we are entering now will be far more severe than it was back then. recoveryfairly robust following world war ii, and that gdp to the novel gbp -- grow more rapidly than the debt burden itself, so we did come down steeply. this gets into the notion we discussed a minute ago on the nature and vigor of the recovery. a v-shaped recovery will bring down the debt burden sharply, but the likelihood in my view is more of a gradual u-shaped recovery which will keep an elevated debt burden for longer than we would like to think. tom: stephen roach, thank you so much, with yale university. we greatly appreciate it. we are looking at the markets, really driving forward through what is supposed to be a changing

the oecd came out with a report that says around the world and the 39 oecd countries, as many as 50%ed enterprises are at real risk of going out of business because of this, especially if the recovery is as slow as we are talking about. when you monitor companies, what kind of feeling you get for those who may not make it? it is definitely driven by sector, and you are quite right that the small to medium-sized businesses are the lifeblood of not only the u.s. economy but the global economy. the sectors that are most vulnerable are somewhat obvious, but still trying to figure out the downside is essential. you look at the energy sector, the auto sector, media, gaming, retail, lodging, restaurants, transportation services, those are highly vulnerable and that is a pretty big part of the , as aneld market example. there are other segments that are much more defensive like health care and wireless and packaging and others. i think sector rotation is essential. the issue is that the price has been so dramatic, the change in price has been so dramatic there is some value being created for

our high school graduation rates are substantially lower than those in many other oecd countries because we don't place the same premium, there certainly ways that we can shift it and not that american kids are dumber than others or less diligent. so i think this obsession has neglected the public side of the equation and the policy side of the equation. >> the odds are stacked against folks who are raised with these various stressors and childhood, i wanted to go back for a moment to your conversation of how the brain is actually rewired and in what ways is the rewiring compromise one success in adulthood. >> a lot of it has to do with the development of the brain architecture. the cortisol is a stressor hormone, most of us as adults, happens for a little bit and goes away and slows right through us. because of the baby's brain is developing so rapidly and also so young, it's much more fragile than we think that it really does impair the development. >> so does it make the kids more successful to addiction and less able to have if you will a committed relationship or just multiple effec

. >> oecd countries many developed countries to our own.nd i can't let me throw out a little bit of a thought here because i see this the lens of trying to change policy and government. and what i am seeing is that our institutions have been changing ways that create power for the powerful and we talked on this in the book and you note later that we have high wealth divisions. the wealthy that have disproportionate political power which leads to rules that benefit the wealthy. now, if we think about america today and the inequality that we're seeing between the rich and poor, we are at a very high ratio compared to these other countries. so is it possible that our inequality and wealth is influencing the political system in ways that is preventing us from investing the resources on the front on the mental that paved the path for success or ordinary families. >> i think that's another prism through which are looking, that's right that you create this inequality that then perpetuates through the mechanism of economic power turning into politi

the oecd developed parts of the world are seeing flatlining demand for oil. they still consume a lot but that's not where the demand and growth is coming from. if you want growth you're looking to sell to east asia and maybe one day to africa assuming that we're still consuming oil by the time that africa is able to modernize. the question is who will control access to those markets because that's where the money is to be made in terms of future market growth? in terms of supply balance, basically the only part of the world that's seen any significant supply growth over the last few years has been the united states because of shale, that virtually i think about 90% of the new oil supplies that have come in line over the last ten years is the u.s. production. basically that's it. but bear in mind of course, where are the reserves of the world located? what's the cost of production in those reserves? the bulk of the world's reserves still tend to be within the gulf, which has the lowest cost of production. yes, supposedly venezuela has larger reserves but they'

oecd average. and spain, the country with the second highest number, u.s.esting per capita was roughly half of that of italy's that the oecd found and italy has the third number of confirmed cases after the united states and spain. that's in the "washington post." the post also talks about the lethality rate of what's happening with coronavirus. saying that the crude case fatalities rates covering people who have the diagnosis have been about 6% globally as well as in the united states, but when all the certificateo logical data is compiled and analyzed, it could be less than 1%. as infectious disease experts point out, even a seemingly low rate can translate into a shockingly large death toll if the virus spreads to major portion of the population. that's "the washington post." if you go to one more, "the new york times," it talks about sweden's experience with dealing with the coronavirus. the headlines saying that its lenient limits reflect the culture of trust. while other countries were slamming on the brakes. sweden stayed open. and placed no limits o

this was also confirmed by the oecd and theirearlier is...over the period up to the end of march and show numbers for scotland that still reflect the pre—pandemic period where unemployment rates were below 4%. unfortunately we will see unemployment rising in scotland and we will see that reflected in subsequent data. covid—19 is also impacting the global economy which is forecast to contract this year for the first time since the financial crisis in 2009. we have seen major disruption to international markets, trade, supply chains, in word investment and travel. this has been reflected in global stock markets, equities and commodities. particularly oil which is an important sector for the economy in scotland. the speed and scale of impact is significant but it is important to recognise that this is different from a normal economic downturn and needs to be viewed in that context. the economic policy response, again, as the first minister has noted, is about protecting capacity in the economy. the scale of the response has been significant with

united states, europe, japan, all of the oecd countries and increasingly and very worrisome developingsmes, etc. even many countries don't have the firepower to deal with the health crisis itself and the immediate need to attend to the sick and the people who we want to keep away from dying. yes, so let me ask you. you have laid it out clearly what the economic impact could be, but also social and psychological and the rest of it. therefore do you think nations should be guided only by the epidemic curve or do we also have to ta ke epidemic curve or do we also have to take into account the damage of lockdown is doing? that is a false dilemma because the sooner we deal with the virus itself, the faster we can get out of the economic consequences and it will be less expensive. it will be very expensive in any case, but it will be less expensive if it lasts less. therefore this discussion between economics and, if you will, the ethical side, the human side, the moral side, all of that is com pletely moral side, all of that is completely theoretical. you go and you deal with the suffering,

to her and annalisa dodds, the new shadow chancellor on the labour crisis, and the chairman of the oecdsocial distancing was issued last month, there's been confusion over how funerals should proceed. some councils in england have limited attendance to as few as five mourners and others have closed graveyards to the public. yesterday, the communities secretary, robertjenrick, clarified that close family members must be allowed to attend funerals and cemeteries should be kept open so that people can "seek solace" at the graves of those they loved. joining us now is reverend sally hitchiner who is an associate vicar at st martin in the fields church in london. good morning to you. we know funerals are hard enough at the best of times, but quite clearly this is making it even more difficult. yes, it is incredibly difficult. i think grief is such a personal thing, but do not be able to go to the funerals of loved ones or not be able to visit the grave site at that point has been very traumatic for a lot of people. and actually, it is something that is really welcome, the opportunity for cla