The International Monetary Fund said the danger of recession has escalated for wealthy countries as it forecast global growth of just 2.8 per cent this year, with the Treasurer warning Australia 'won't be immune from a global slowdown'.
Jim Chalmers says IMF cut to global economic outlook shows world is on a 'perilous path' as he heads to G20
Global output is down from 3.4 per cent last year with the IMF describing the outlook for 2023 as"feeble and uneven."The Spring Meetings of the World Bank and International Monetary Fund in Washington DC saw the release of the IMF's World Economic Outlook report, which contained dire warnings about global growth. Picture: Celal Gunes/Anadolu Agency via Getty Images
The IMF also predicts Australia will grow by just 1.6 per cent in 2023, down from its previous forecast of 1.9 per cent and by 1.7 per cent next year.The unemployment rate is expected to rise to 4.1 per cent by 2024 as the slowdown in the economy causes businesses to cut jobs, although this will not come as a shock to policy makers as the IMF's figures broadly match those in the last RBA forecasts released in February.
Treasurer Jim Chalmers said Australia"won't be immune to a global slowdown," adding the government would reflect worsening economic conditions in the upcoming May Budget. Picture: NCA NewsWire/Sarah Marshall The dire outlook is likely to complicate the government's quest to tackle Australia's $50 billion budget deficit and provide relief to younger Australian's who bear the brunt of the current tax burden.
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