Trade
Australia to Cut Key Global Economy Growth Forecasts in Budget
- China set for weakest run of growth since opening in late 70s
- Mideast tensions ‘casting shadow’ over outlook, Chalmers says
Customers at a cafe in Sydney.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Australia will cut the growth outlook for most major economies, including key trading partner China, when it releases its budget next month, Treasurer Jim Chalmers said.
“Events in the Middle East are casting a shadow over the global economy, compounding the concerns about lingering inflation and weaker growth,” Chalmers said in a statement Sunday. Uncertainty about the global outlook were “central” to talks the treasurer held with international counterparts and central bank chiefs in Washington in recent days, where he attended meetings of the G20 finance ministers, the IMF and World Bank, he said.