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READ MOREAustralia’s economic outlook to be downgraded in budget amid global ‘deterioration’
Increasingly dire forecasts for the global economy will see last-minute downgrades to Australia’s economic figures in next week’s federal budget, with the treasurer, Jim Chalmers, warning of “an increasingly perilous path” for world markets and key trading partners.
The budget will forecast the UK economy to contract by 0.25% in 2023 and the US to grow by an anaemic 1%, with the government warning Australia would not escape a world slowdown.
“The budget will confirm the stark deterioration in the outlook for global growth and in several major economies, with some at risk of falling into recession,” Chalmers said.
Read more at The Guardian
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