English, Article edition: The European Economy in Recession – Domestic Policy Action Cushioning the Downturn. Economic Outlook for 2009 and 2010 Marcus Scheiblecker

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Physical Description
  • article
Language
  • English

Edition details

Title
  • The European Economy in Recession – Domestic Policy Action Cushioning the Downturn. Economic Outlook for 2009 and 2010
Author
  • Marcus Scheiblecker
Physical Description
  • article
Notes
  • The cyclical downturn of the world economy is being severely exacerbated by the international financial crisis. The real economy in Europe suffers from its repercussions to a surprisingly large extent. GDP in the euro area is projected to fall by 1.2 percent in volume in 2009. The Austria economy will not escape the downward trend, even if the strongly expansionary stance of fiscal policy will dampen its momentum. Austria's GDP is therefore expected to recede by a relatively modest 0.5 per cent. With a tentative recovery of the global economy forecast to take hold in 2010, growth in Austria should resume at a rate of 0.9 percent.
  • Economic Outlook; Austria
  • RePEc:wfo:wquart:y:2009:i:1:p:1-10
  • Starting from the USA, the economic downturn has meanwhile reached the entire world economy. The financial crisis is exacerbating the slackening of global business activity. In the euro area, demand and output are set to contract by 1.2 percent in 2009. In Austria, too, real GDP is likely to edge down by 0.5 percent, despite powerful stimulus provided by fiscal policy. The projection for growth picking up by 0.9 percent on annual average 2010 is based on the assumption that activity will gradually recover as from late 2009.
  • Konjunkturbericht Österreich
  • RePEc:wfo:monber:y:2009:i:1:p:3-14
Language
  • English
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