That's the headline from a new report released by the International Monetary Fund who forecast 'feeble and uneven' growth across the globe.
That's going to hit us in Australia too. A fact acknowledged by the Treasurer Jim Chalmers.
While saying our economy will avoid recession, he acknowledges economic growth is set to slow considerably this year.
Naturally it isn't his fault. Nor is it the fault of the Labor government.
The faltering economy is all the doing of others.
He blamed 'international pressures and interest rates'.
There's no doubt he's got a valid point there.
We have endured the fastest rise in interest rates in history. Of course that's going to have an impact on household budgets.
That equation is pretty simple. More money going out to pay your mortgage leaves less money to spend on other things.
Higher interest rates also impact asset prices, and when these fall, people feel less wealthy and are less likely to spend.
And yes, there are international pressures that impact our economy too. In many cases these have been caused by the insane pandemic policy prescription enacted by governments across the globe.
I will point out (again), these idiotic policies were all endorsed by labor during the pandemic so they can't wash their hands of it now.
But there's more on the domestic front that the Treasurer hasn't mentioned.
We have a full blown cost of living crisis in this country. Everything from food, to transport to utilities is rocketing in price.
It's no coincidence that Labor has a hand in making these problems worse.
Their opposition to fossil fuels while foisting uneconomic renewable energy onto us is an economic suicide note. Not only is our power more expensive it's also less reliable.
Both measures are only set to get worse under Labor's policy mix.
That change alone will cripple businesses, making some uneconomic, which will see some close as a result.
Then you've got their foolish and short-sighted immigration policy.
Labor are bringing in a record number of migrants in a bid to stave off recession.
It's a vanity project to avoid a negative economic growth number but will make our quality of life even worse.
We've already got a full blown rent crisis so what do you think is going to happen when we bring in another million or so low skilled workers and students?
Here's a hint, I doubt rentals will be more available or affordable.
These imports are unlikely to reduce congestion or the demand for scarce services either. You know, those pesky things we use every day like food, water and power.
More demand is likely to put further pressure on prices while we have limited ability to increase supply - once again because of Labor policies.
Left of centre governments don't seem to like new mining projects, new dams, new power plants or new housing estates.
Instead they are focussed on the 'big picture'; like protecting a frog or a koala habitat, enshrining racism into our constitution or saving the planet from capitalism.
The weight of Labor's deadening hand is already making a mess of our economy.
With every move they are making it worse all while blaming others for the problems they are fostering.
The latest sleight of hand is predicting we'll avoid a recession, even though it will feel like we are living through one.
Our quality of life isn't measure merely through easily manipulated statistics and numbers. It's best measured by the wellbeing, happiness and prosperity of ordinary Australian families.
In almost every measure, what the Federal government are doing to bolster their own ego's is just going to make things worse for the rest of us.
Cory Bernardi is the author of seven books and has been a member of the Australian rowing team, a publican, an investment portfolio manager and spent nearly 14 years as an Australian Senator.
