Australia’s Treasurer, Jim Chalmers, announced that the country will be adjusting its growth outlook for major economies, including China, in its upcoming budget release. Chalmers attributed this change to a range of factors including events in the Middle East impacting the global economy and concerns about inflation and slower growth.
In recent meetings with international counterparts and central bank chiefs in Washington, uncertainty about the global economic outlook was a key topic of discussion. This included gatherings of the G20 finance ministers, the IMF, and World Bank. During these discussions, Chalmers emphasized the impact of current events on the global economy and how they were adding to existing concerns about inflation and weakened growth.
Chalmers shared that attending these meetings allowed him to gain insights into how other countries were navigating the challenges presented by current economic conditions. These interactions revealed a shared understanding among international partners about the importance of addressing uncertainties in the global economy to promote stability and sustainable growth.
