Economic Recovery Loses Momentum

Economic Outlook for 2022 and 2023

The economic outlook has clouded worldwide since the last WIFO forecast. This also has consequences for the expected recovery in Austria. Leading indicators point to an economic slowdown that will predominantly affect industry in 2022. In contrast, tourism will contribute disproportionately to economic growth in 2022. After +4.8 percent in the previous year, WIFO expects real GDP growth of 4.3 percent and 1.6 percent for 2022 and 2023, respectively.