The Outlook for 1993 and 1994: Recession and Sluggish Recovery
The sharp downturn of economic activity in Germany in late 1992 and early 1993 is dampening aggregate demand and output also in Austria. Real Gross Domestic Product (GDP) is set to stagnate in the current year, the first stalling of growth since 1981. Exports and industrial production will both decline and unemployment may well rise by ¾ percentage point to 4½ percent of the labour force. Activity in Europe is expected to recover as from late 1993 with spill-over effects from the U. S. upturn materialising and interest rates coming down further. However, fiscal policy will generally stay restrictive as many countries have adopted policies of consolidation to meet the criteria required under the Maastricht treaty. Germany and Austria will have to cope with the effective revaluation of their currencies and the strain this puts on their international competitiveness. Austria's GDP is forecast to expand by 2 percent in volume in 1994, slightly above the average for OECD Europe.
Prognose für 1993 und 1994. Rezession im Jahr 1993; The Outlook for 1993 and 1994: Recession and Sluggish Recovery
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