New economic forecasts are painting a bleak picture for the world's economy in 2024, dragged down by persistent inflation and ongoing problems in China.
The global economy is forecast to grow 2.7 per cent next year, and Australia's economy 1.7 per cent, according to the OECD
The Organisation for Economic Cooperation and Development's latest growth forecasts have revised this year's figures upwards, based on surprising economic resilience, but scaled back expectations for next year. The second is an end to the rebound in China's economy after its post-pandemic reopening, with its economy forecast to slow significantly., which is enduring its strongest downturn in decades.
"Many fiscal support measures, including remaining energy support schemes, need to be scaled back and become better targeted on those most in need, particularly vulnerable households inadequately covered by existing social protection systems," it said.
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