World News

Treasurer Emphasizes Economic Security as World Fragmentation Increases

According to Treasurer Jim Chalmers, the May 14 budget will have a significant focus on economic security in response to various concerns surrounding the global economy.

The upcoming federal budget will prioritize economic security amid uncertainties in the global economy, Chalmers stated today.

He highlighted the current economic landscape as a delicate balance of risks, particularly due to ongoing issues with inflation.

Chalmers emphasized the importance of responsibility in such conditions, alongside a strong focus on economic security.

Global supply chains are under strain, and the world economy is experiencing transformations, he noted.

The April World Economic Outlook projects a 3.2 percent global growth in 2024, a slight increase from previous estimates.

Although modest by historical standards, the forecast has been revised upward since October 2023.

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IMF’s chief economist, Pierre-Olivier Gourinchas, indicated that most indicators point towards a stable global growth with inflation on a downward trend.

He stressed the importance of addressing inflation concerns and highlighted potential risks such as ongoing conflicts in various regions, trade restrictions, and rising oil prices.

Inflation a Priority: IMF

Mr. Gourinchas emphasized the need to focus on achieving inflation targets, as the current trends are positive, but further progress is required.

The treasurer also acknowledged the potential risks posed by the Chinese property sector and escalating conflicts globally.

Mr. Chalmers expressed the importance of staying informed about global economic developments and announced his upcoming attendance at international meetings in Washington.

AAP contributed to this report

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