Economic officials from across the world are not feeling panicked about the global slowdown, Treasurer Josh Frydenberg believes.
But the ongoing trade stoush between China and the United States hangs over the world economy like a "dark cloud".
The treasurer expressed the sentiments after attending annual meetings of the World Bank and International Monetary Fund (IMF) in Washington in the past week.
He also met with G20 finance ministers and central bank governors.
The gatherings came as the IMF cut its growth forecast for Australia this year from 2.1 per cent to 1.7 per cent.
But Mr Frydenberg played down the uniqueness of Australia's experience in parliament on Monday, noting the IMF's forecast for global growth has been pared back to three per cent for 2019 amid a "synchronised slowdown".
"The mood at the meeting was serious but not panicked," he told the lower house in question time.
"Countries the world over are getting used to a world, an economy, with low interest rates, low inflation and relatively low unemployment.
"But the trade tensions between China and the US hang over the global economy like a dark cloud."
He noted the IMF says trade tensions between the superpowers could reduce growth by 0.8 percentage points in 2020 but there is hope.
"Certainly the comments from both the Americans and Chinese at this meeting were more positive than we have heard before."
The comments come with Labor keeping up pressure on the coalition over the Australian economy.
It has called for fiscal stimulus, including speeding up spending on infrastructure projects.
The opposition also used the state of the global economy to help justify its support for a trio of free trade deals Australia has struck with Indonesia, Hong Kong and Peru.
Draft laws that will underpin the deals cleared the lower house of parliament with their support on Monday.
"These are uncertain times and we do have in this country weak economic growth," Labor treasury spokesman Jim Chalmers told the chamber.
"We need more engagement with the world and with Asia, not less. We want to see more engagement, not less, with our neighbours and with the countries beyond."
Australian Associated Press