Australia is expected to lag behind its peers in reducing inflation and boosting economic growth, the International Monetary Fund has warned, as Treasurer Jim Chalmers prepares to attend a a series of high-level talks in Washington.
IMF economists have offered good news on the path of inflation and GDP growth, but they warn Australia is set to lag its global peers.
Alongside finance ministers and central bankers, Dr Chalmers will attend the spring session meetings of the IMF, World Bank and G20. Picture: NCA NewsWire / Nikki Short In some developed economies, including Australia, inflation has tracked sideways in recent months, prompting cautions from the IMF. “Services inflation remains high – sometimes stubbornly so – and could derail the disinflation path. Bringing inflation down to target remains the priority,” Mr Gourinchas warned.
International Monetary Fund chief economist Pierre-Olivier Gourinchas warned that inflation in the labour-intensive sector could remain stubbornly persistent. Picture: AFP / Olivier Douliery Nevertheless, the projections fell short of the long run historical average of 3.8 per cent, due to high interest rates and less government spending.
Capital Flows Government Spending North America Central Bankers Disinflation Path Danielle Wood Market Valuations Eastern Asia Excessive Government Spending Average Headline Inflation Interest Rates Green Manufacturing Subsidies Boost Growth Monetary Cooperation Historical Average Efficient Resource Allocation Northern America Alex Wong Productivity Growth Annual Spring Meetings Pierre-Olivier Gourinchas Inflation Trends Global Economy World Bank United States Of America Economic Growth World Economic Outlook Productivity Commission Washington Agence France Presse Oceania Market Access Labour-Intensive Sector China America Pedestrians Walk Australia And New Zealand Chinese Economy Australian Borrowers International Monetary Fund Market Economies Consumer Price Growth Inflation Targets Asia Chief Economist Newswire-Business Services Inflation Australia Median Inflation Rate
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