These concerns about growth prospects have been reflected in financial market volatility since the turn of the year.
Global stock markets had their worst six-week start to the year for more than 45 years, with over trillion wiped off world markets.
The speed and intensity of the falls in commodity prices in the last 18 months have increased financial stress and worsened the economic outlook for commodity exporters like Brazil, Russia and many countries in the Middle East.
The combination of lower global growth and cheaper oil has meant inflation has fallen across advanced economies, with every major central bank revising down its inflation forecast.
Productivity growth since the financial crisis of 20 has been weaker in all the major advanced economies, including the UK.
In this Budget, the government will take action to: ) to be the fastest growing major advanced economy this year. In advanced economies, there are growing concerns about productivity growth, high debt levels and deflationary risks.
The government will: To tackle the long term economic challenges in the UK, this Budget announces radical reforms that will drive future prosperity, investing in the infrastructure that will deliver economic growth for the next generation.
The Budget drives forward the devolution revolution, giving local areas further control over the decisions that affect their communities.
In uncertain times and against a deteriorating global economic outlook, this Budget delivers security for working people.
It takes the next bold steps in the government’s long-term economic plan.