{"id":274122,"date":"2024-11-05T13:37:39","date_gmt":"2024-11-05T12:37:39","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/274122\/"},"modified":"2024-11-07T10:09:03","modified_gmt":"2024-11-07T09:09:03","slug":"competitive-disadvantages-slow-down-growth","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/274122\/","title":{"rendered":"Competitive Disadvantages Slow Down Growth"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-274122","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"Medium-term Forecast of the Austrian Economy 2025 to 2029","text":"Austria's economy is slowly recovering from the recession of 2023 (\u20131.0 percent) and 2024 (\u20130.6 percent). Compared to other European countries, energy prices and unit labour costs are higher in Austria. This will put the energy-intensive export industry in particular at a competitive disadvantage in the medium term. The Austrian economy will therefore grow by 0.2 percentage points p.a. less than the euro area average. According to the European Commission's method, trend growth is +\u00be percent p.a. (\u00d8 2010-2019 +1.1 percent p.a.). WIFO expects real economic growth of 1 or 1\u00bd percent for 2025-26 and 1\u00bc percent p.a. for the entire forecast period 2025-2029 (average 2010-2019 +1.6 percent p.a.). Private consumption is likely to pick up from 2025, increasing by an average of 1\u00bd percent p.a. in the forecast period and thus supporting economic growth. Demographic change is exacerbating the labour shortage. On the one hand, this is clouding the medium-term growth prospects, but on the other hand it is noticeably dampening unemployment: the unemployment rate already fell below the pre-crisis level of 2019 in 2022 and is expected to be 5.7 percent in 2029. The strong inflation observed since the end of 2021 (2022 +8.6 percent, 2023 +7.8 percent) will slow to 3.1 percent in 2024. The inflation rate will reach the ECB's 2 percent target by mid-2025 and is likely to remain there in the medium term (\u00d8 2025-2029 +2 percent p.a.). The deficit ratio is 4 percent of nominal GDP in 2025 and an average of 3\u00be percent over the entire forecast period. As a result, government debt increases from 80 percent (2024) to 86\u00bd percent of nominal GDP by 2029.","onlinedate":"2024-11-07 10:00:00","lang":"German","publication_series":"","publication_date":"20241107","publication_date_year":"","publication_date_full":true,"publication_num_pages":"","keywords":"[]","jelcodes":"[\"E32\",\"E37\",\"E66\",\"D31\"]","related_publications":"[\"36f6b781-9f13-497b-8ac1-f1ea076285b2\",\"9f28a70c-30bb-47bf-ac86-fd32d4537ce4\",\"bbd3dc57-74be-4dd6-a832-cc488be67ad0\",\"bc2f7071-9054-4208-83e5-b6d29a9501b3\",\"994d29fc-bd54-4b82-a4b4-b7063366a883\"]","pdf":413354,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"97","monthly_report_pages":"551-570","monthly_report_pages_sort":"551","issue":"10","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"2024-11-07 10:00:00","types":[44312],"research_groups":[3500,3655],"collaboration":"","persons":[3530,3641,3792,3743],"persons_data":"[{\"personId\":3530,\"personName\":\"Josef Baumgartner\",\"organisationNames\":[]},{\"personId\":3641,\"personName\":\"Serguei Kaniovski\",\"organisationNames\":[]},{\"personId\":3792,\"personName\":\"Hans Pitlik\",\"organisationNames\":[]},{\"personId\":3743,\"personName\":\"Mark Sommer\",\"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":"[\"Scheiblecker Marcus\",\"Schratzenstaller Margit\",\"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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