Republic of Austria Celebrates its 100th Anniversary. After Hard Post-war Years a Catching-up Process set in Leading to an Impressive Growth of Income
The First Republic of Austria was proclaimed in November 1918. The hard years following the end of World War I produced an economic crisis on a global scale which prepared the ground for World War II. After the war had ended, the Austrian economy was once again in desperate straights. Reconstruction spawned an amazingly dynamic catching-up process. Today, Austria is among the richest countries in the world.