{"id":264764,"date":"2024-05-03T02:38:28","date_gmt":"2024-05-03T00:38:28","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/264764\/"},"modified":"2024-05-13T17:17:42","modified_gmt":"2024-05-13T15:17:42","slug":"austrias-economy-will-only-expand-weakly-in-the-medium-term","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/264764\/","title":{"rendered":"Austria's Economy will only Expand Weakly in the Medium Term"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-264764","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"Update of the Medium-term Forecast of the Austrian Economy 2024 to 2028","text":"Boosted by the international upturn, the Austrian economy is slowly recovering from the recession in 2023 (\u20130.8 percent). WIFO expects real economic growth of 1\u00be percent for 2025 and average GDP growth of 1\u00bc percent p.a. for 2024-2028 (\u00d8 2010-2019 +1.5 percent p.a.). Demographic change will exacerbate the shortage of labour force in the forecast period. While this will dampen growth prospects, it will also curb unemployment: the unemployment rate is expected to fall to 5.7 percent by 2028 (6.7 percent in 2024). The strong inflation observed since the end of 2021 (\u00d8 2022-23 +8\u00bc percent p.a.) will slow significantly in the forecast period (2024: 3.8 percent) and reach the ECB's 2 percent target in 2027. The deficit ratio averages just under 3 percent of nominal GDP in 2024-2028; government debt rises from 76\u00bd percent to just over 78 percent of GDP.","onlinedate":"2024-05-07 00:00:00","lang":"German","publication_series":"","publication_date":"20240507","publication_date_year":"","publication_date_full":true,"publication_num_pages":"","keywords":"[]","jelcodes":"[\"E32\",\"E37\",\"E66\",\"D31\"]","related_publications":"[\"840c92d4-f98b-40d0-8350-f992371eec09\",\"b0e86e54-1c8f-42bb-a4f7-fd3260fccdd4\",\"553abde7-8742-4ab5-b4a3-5e93aece6187\",\"0927d431-7302-41d4-9241-29fb02730233\"]","pdf":265365,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"97","monthly_report_pages":"199-211","monthly_report_pages_sort":"199","issue":"4","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"2024-05-07 00:00:00","types":[44312],"research_groups":[3500],"collaboration":"","persons":[3530,3641,3792],"persons_data":"[{\"personId\":3530,\"personName\":\"Josef Baumgartner\",\"organisationNames\":[]},{\"personId\":3641,\"personName\":\"Serguei Kaniovski\",\"organisationNames\":[]},{\"personId\":3792,\"personName\":\"Hans Pitlik\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[\"Glauninger Ursula\",\"Kaufmann Christine\"]","scientific_review":"[\"Loretz Simon\",\"Scheiblecker Marcus\",\"Url Thomas\"]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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