The IMF warns of 'rocky road' ahead. Will Australia slip into recession?
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Loading... - Hannah Kelly
- 12 Apr 2023
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The global economy is entering a "perilous phase", with the International Monetary Fund (IMF) warning high inflation coupled with turmoil in the financial sector could bring near-recession conditions across the world.
In its latest global economic outlook, A Rocky Recovery, the IMF has predicted Australia's GDP growth would slow to just 1.6 per cent in 2023, followed by a 1.7 per cent rise in 2024.
Australia's forecasts were slightly ahead of those for the US and Canada, while the UK economy was expected to shrink this year.
Isaac Gross, economics lecturer at Monash University, said the financial slowdown facing Australia was "quite substantial".
"That's largely in response to the surge in inflation we've seen and the rising interest rates that the RBA has responded with," he told SBS News. Read More..
