The International Monetary Fund says four in 10 economies will suffer a recession over the next 12 months. The bleak prediction comes ahead of a major meeting between the IMF, central bankers and global finance ministers, including Australia's treasurer Jim Chalmers, who has just arrived in Washington for the gathering. 

Chalmers says Australia won't be among the four tanking economies. But he'll raise concerns with the US Federal Reserve about the impact that blunt and brutal tightening of monetary policy would have on Australia. 

The Treasurer also says he's prepared to make last minute changes to this month's budget to avoid inflicting financial pain on Australians.

Today on Please Explain, senior economics editor Shane Wright joins Kate Aubusson to discuss the state of world's economy as it teeters on the brink of recession.