English, Article edition: Strong Cyclical Upswing Leaves Budgetary Problems Unresolved. Economic Outlook for 2000 and 2001 Markus Marterbauer

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Strong Cyclical Upswing Leaves Budgetary Problems Unresolved. Economic Outlook for 2000 and 2001
Author
  • Markus Marterbauer
Physical Description
  • article
Notes
  • Growth of the Austrian economy in 2000 is projected at 3.1 percent in volume. Activity is being driven both by booming exports and lively domestic demand. Fiscal policy will still have a moderately expansionary effect, while turning more restrictive next year, when measures aiming at sustained budgetary consolidation will take effect. Demand and output in 2001 may thus advance at a somewhat slower pace (+2.7 percent). In both years, net government borrowing would, on present assumptions, amount to 2 percent of GDP. The increase in indirect taxes and public charges will add to inflation, projected for the consumer price level at annual rates of 1.6 (2000) and 1.4 percent (2001). The favourable business cycle conditions should lead to a further improvement on the labour market. Employment is set to rise substantially, by around 35,000 in each year. As for the further trend in unemployment, much will depend on how much money will be made available for labour market policy measures and on the design of the envisaged reform of the social retirement system.
  • RePEc:wfo:wquart:y:2000:i:2:p:55-64
  • Accelerated export growth and solid expansion of domestic demand suggest the Austrian economy will grow by 3.1 percent in volume this year – an upward correction by ¼ percentage point from last December's projections. In 2001, growth may decelerate somewhat (+2.7 percent) under the impact of slackening activity abroad and, more importantly, a stronger demand-restraining impact of domestic budgetary retrenchment. Fiscal policy action, while limiting government net borrowing at a ratio of 2 percent of GDP, will contribute to somewhat stronger inflation. The labour market will benefit from the favourable business cycle trend.
  • Strong Cyclical Upswing Leaves Budgetary Problems Unresolved. Economic Outlook for 2000 and 2001
  • RePEc:wfo:monber:y:2000:i:4:p:229-230
Language
  • English
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