Heightened tensions in the Middle East and fears over China’s economic downturn have led Australia to make cuts to its international economic forecasts, with Treasurer Jim Chalmers warning of a “fraught and fragile” global outlook ahead of the May budget.
The budget has upgraded forecasts for China ’s GDP growth to 4.25 per cent in 2024, up from 4 per cent in December, but has downgraded forecasts to 4.25 per cent in 2025 – down 0.25 percentage points more than previously expected.
“The fraught and fragile global outlook was a big feature of the discussions in Washington DC and will be a big factor as we put the finishing touches on the budget,” he said. Japan’s GDP forecast has been downgraded to 0.75 per cent from 1 per cent in 2024, following weaker than expected consumption.
Rising Geopolitical Uncertainty Transforming Global Economy United States Of America International Economic Forecasts International Tensions Increase North America Washington Global Outlook Central Bank Chiefs Oceania Percentage Points Finishing Touches China America Property Market Federal Budget Eastern Asia Newswire-Politics Volatile Global Conditions Australia And New Zealand Japan Jim Chalmers Political Commentators Global Conditions Cast Global Concerns Global Forecasts Global Pressures Northern America Troubled Property Market Geopolitical Tensions Asia Restrictive Monetary Policy Finance Ministers Lingering National Inflation Eleanor Campbell Australia International Counterparts Pre-Budget Move
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