Ideas that are part of our future books on how a part of our. World 3 part documentary stories may. Tell you. The biggest downturn since the Great Depression of the 1930 s. Thats what the International Monetary fund is telling us to expect as a result of the coronavirus pandemic well talk about has bought to get in 20 twentieths why there is hope for next year. Also coming up profits and u. S. Banks plum job are fears of widespread loan defaults we left our financial correspondent in new york to assess the damage. Talk about negative growth as russia lowered the sales dry up some are resorting to Desperate Measures to draw attention to their plight. This is your business on Cape Ferguson thanks for joining me the International Monetary fund is expecting 2020 to be the worst year for the Global Economy since the Great Depression of the 1930 s. The i. M. F. Chief economist said total economic output could shrink by 3 percent this year as a result of business shock times and travel restrictions imposed to contain the coronavirus but its predicting a rebound next year with growth of 5. 8 per cent. Meanwhile profits at 2 major u. S. Banks have plunged in the 1st quarter as Financial Institutions brace for a surge in loan defaults wells fargo reported an 89 percent drop in earnings as it satisfied almost 4000000000 dollars to cover potential losses on loans to consumers and Small Businesses earlier americas biggest bank j. P. Morgan chase and i was the 69 percent drop in 1st quarter earnings as a boost to its reserves ahead of the booming downturn. For more lets cross to financial correspondent again in new york yes those figures from 2 of americas biggest banks are pretty dire how have the markets reacted. Well clearly all the banking stocks not just from j. P. Morgan and from move wells fargo detroit to the downside in an overall by the way upbeat trading environment clearly those banks they are preparing themselves that we will see a lot of clients being unable to pay back their debt paying back the credits if it comes to credit cards if who comes through mortgages the Energy Industry or also the Retail Sector the only good news from those numbers was actually that trading over old trading bonds trading stocks at least the chip you morgan chase we saw record revenue over there but clearly banks are preparing that things will get darker before well business overall turns around and the stocks were among the biggest losers. Ok and so i want to talk to you about Something Else as well the question of debt relief for poorer countries dealing with the crisis both the i. M. F. And the g. 7 countries have been discussing this issue how important is this for investors. Well for some important besar sits very important because at the end of the day if you have this debt relief someone has to pay for it by the end of the day and were not just talking about investors were also talking about Pension Funds insurances for instance but the whole topic debt relief will not just be a topic for emerging countries for example or developing countries but also look and do into the industrialized countries a lot of governments especially here in the United States this rowing trillions of dollars at the crisis and the big question is how will you ever come up with those amounts so the whole topic of debt relief is a big topic but there will be quite some fighting from some of those investors to actually a void to debt relief because as i said at the end of the day someone has to pay for it. Yes caught it in new york thanks for your insights. To russia now where the number of coronavirus cases has been rising sharply over the past few days most regions of the country are now in lockdown as authorities warn people not to leave their homes unless absolutely necessary the loss in revenue has led some Small Businesses including florists to take action in the hope of spurring the government to help demand for flowers virtually disappeared overnight after the closure of nonessential businesses across russia producers have been forced to get rid of millions of flowers every day and shop owners now fear for their livelihood. These florists from St Petersburg are trying to draw attention to their plight by destroying their own sold inventory but the most and when you watch them if the brain cant store these defective goods every 2 or 3 days they rot they leak and they smell thats why we cant show the full quantity of the goods that we actually had. This is a tiny part of what we threw away this is our money taken on credit. At the national being to cut through the greedy. Without any sales shop owners hope the government will step in and provide much needed assistance. Just not on the money our Business Activity is currently completely suspended he says its impossible to prepare for this crisis and this situation on this product cant be stored for a long time it cant be preserved demand has fallen the markets are empty and business has come to a halt snowball bush depressed over the business whats it been you like eatable need the russian president Vladimir Putin is expected to ramp up stimulus measures to prop up an economy heading toward recession and keep businesses afloat but tumbling oil prices and tax revenue could weigh heavily on his governments efforts to help those affected most by the corona virus outbreak. Lets have a look now at some of the other economic developments related to the pandemic us President Donald Trump is expected to make an announcement on plans to reopen the economy in the coming days haters of the association of Southeast Asian nations or have agreed to keep trade routes open to protect Food Supplies but they failed to agree on a joint Emergency Fund proposed by vietnam and kenya has lowered its vast rate from 16 to 14 percent to cushion citizens from the impact of the punjab back. Some of the worlds major car makers are reopening their european factories for. Toyota are among the companies are already working on ramping up production. Branded resumed work today on a limited basis its hungary and plant with others and im seeing similar plans before the end of the month the worlds Top Manufacturers halted production amid a slump in demand problems with supply chains on the l. M. C. Automotive expects car sales in europe to drop by 80 percent in april. The mexican city of acapulco is known as the paradise of the pacific tourism accounts for 7 in every 10 jobs there back in 2009 it was hit by a flu epidemic a decade on just as it was completing its recovery the coronavirus arrived. The beaches are empty as are the streets acapulco usually buzzing with tourists around easter its absolutely desolate. This kitchen prepares meals for 1500 guests every day right now theyre cooking for a handful of local workers and vendors who are themselves out of customers. Like catalina who would normally walk the beaches selling snacks now she doesnt know how to feed herself her mother and her 2 daughters today is her 3rd visit here they ever met use a cell chill out us over there. Right now and i bet i go mad like that then they have my view that the but now notorious not so i dont know but i know jock for me catalina and many like her other reason why Hotel Employees are pitching and donating time and money cooking and serving food. They are helping 200 people today. Look at the many of these vendors are undocumented there at the hardest were lucky to still get paid many others dont have this advantage in this city in the future of all souvenir shops and acapulco shuttered as are 60 hotels and restaurants and those left open are waiting in vain for customers thats because not even the locals are out many are staying home following advice from authorities those who are out have to explain themselves to a large contingent of police and national guard. In 2009 acapulco known as a Pacific Paradise was hit by a flu epidemic. It had only just recovered when the corona virus struck. The president and the local hotel and tourist. Him authority remembers the losses and he fears more desperate times are to come. This is the beautiful but dont you want to the were seeing the lowest booking levels for many years. Its just about tree and a half percent of total capacity that is why its terrible is that even the. Hotel owners are hoping for tax relief and financial help to weather the Current Crisis and be able to pay their employees. So far the federal government has not offered any help. Local governments have at least said that they would extend the deadline for taxes to be paid but more needs to be done to ensure that the Tourism Sector survives. Later that means that at the lock up locally if you dont have the means to help these left us here on the federal government has to bail out the small and Medium Sized Companies or youre sick or nonrecourse without their help the crisis will only get worse for him but its a product that without sort of a view. That he sees. The source here. Thats hard to imagine for people who are already struggling and who have been hit the hardest. Hit from the end of Business Team here in berlin you can get more on our website that details the to slash business were also on social media did feel free to drop us a line on facebook and twitter for me its a 5 and sinker. Environmentally conscious living. With maximum comfort. Syria from tanzania is helping make it possible he started with sustainable ideas in his own home. Hes inspiring others to innovate at his invention school eco africa. Next w. Opportunities for everyone regardless of ethnicity or appearance unfortunately for many migrants in germany from a distant dream. Many companies are trying to make the application process is more inclusive but does that really help against discrimination. Made in germany. 60 minutes on t. W. Like. Just some of our. Food for the russians so. There steve cohen. So many different walks of life. Some are pumping. Calls to come straight from hard drive school receive you put hoards is no more your delusion the marsh will enjoy. Some of the law to their final resting place russia. W. Documentary. Hello and welcome to another edition of africa while we highlight environmental topics on ideas from europe and Africa Saundra to nobody and this week well be looking at the many ways you can recycle plastic wist i am in kampala uganda and uncle hosting with my colleague. In nigeria her