Treasurer Jim Chalmers has announced that Australia will be revising its growth forecasts for major economies, including China, in the upcoming budget release. The global economy is currently facing challenges due to events in the Middle East, which have added to concerns about inflation and slowing growth.
Chalmers emphasized that uncertainty surrounding the global economic outlook was a key topic of discussion in recent meetings with international counterparts and central bank officials in Washington, where he participated in gatherings of the G20 finance ministers, IMF, and World Bank.
The ongoing uncertainty regarding inflation and weaker growth has contributed to a sense of caution among policymakers. The treasurer highlighted the importance of monitoring and adapting to the evolving economic landscape in order to navigate potential risks effectively. Discussions held at international meetings in Washington focused on addressing these challenges and finding ways to mitigate their impact on the global economy.
