As 2019 came to a close some of the major uncertainties impacting the world economy in recent months and years appear to be resolving themselves. Our forecast for global GDP growth for both 2019 and 2020 has been reduced to 3 percent, which represents the weakest rate of global GDP growth since the GFC.
This summer most of Australia has been in the grip of the worst natural disasters the country has experienced in decades.
It is too early to quantify with any degree of accuracy the impact these events will have on the national economy.
Even before this terrible summer the Australian economy had been performing poorly relative to our recent history.
US: The US reached a tentative agreement of a phase one trade deal with China.
UK: The now re-elected UK government, the Conservative Party, pledged relatively moderate increases to current expenditure, investment spending and tax revenues.
China: The Chinese economy has continued to slow as 2019 progressed.
Full details on the Australian and global outlook can be found in KPMG's Quarterly Economic Outlook.