Australia’s economic outlook to be downgraded in budget amid global ‘deterioration’

Treasurer Jim Chalmers warns global economy on increasingly perilous path' with lower growth expected amid key trading partners

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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.

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