Austria: Economic mood is dismal
Article Abstract:
According to Austria's industrial union (IV - Industriellenvereiningung), the state of the world's economy is having an effect on the mood in the Austrian economy. The union's "economic barometer", which combines the economic situation at any point in time and the expected results for the following six months, is at its lowest point in the third quarter of 2001 than at any time since the beginning of 1996. The barometer reading has got worse since the attacks on the US on 11 September 2001, as before then the Austrian economy had pinned its hopes on a worldwide economic recovery. Within a year the percentage of companies which are satisfied with the economic situation has dropped from 50% to under 20%, and according to IV chief economist Erhard Fuerst, these figures are mirrored in production. Thanks to lack of demand from abroad, production in Austria has decreased by 6% compared to the beginning of 2001. The General Secretary of the IV, Lorenz Fritz, claimed that, despite the gloomy economic mood, a full recession was not inevitable.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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Austria: Economic growth expected to decrease
Article Abstract:
The Global Competitiveness Report 2001, published by the World Economic Forum on 18 October 2001, shows that Austria's potential for growth has decreased since 2000. This can be seen in the gap between the gross national product (GNP) and the microeconomical fundamental data - if the GNP is more than would be expected from the microeconomic data, then income levels are not sustainable without substantial microeconomic reform. Austria ranks 18th out of the 75 countries surveyed in the Growth Competitiveness Index, compared to 17th in 2000. Experts from the World Economic Forum claim that the key to growth is deregulation. The report showed that the higher the intensity of local competition, the greater the growth in GNP. Austria's overall position in the report is 13th, a position that has not improved under the current government. In the last full year of the previous government, Austria was ranked 11th.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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