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Volatile global conditions cast shadow over AU budget
video 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. This marks the weakest three-year growth forecast for China since its economy opened up almost half a century ago. ... (full story)