{"id":53959,"date":"2023-12-01T18:14:38","date_gmt":"2023-12-01T17:14:38","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/economic-growth-remains-low-but-stable-medium-term-forecast-of-the-austrian-economy-until-2024\/"},"modified":"2024-11-07T06:12:10","modified_gmt":"2024-11-07T05:12:10","slug":"economic-growth-remains-low-but-stable-medium-term-forecast-of-the-austrian-economy-until-2024","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/53959\/","title":{"rendered":"Economic Growth Remains Low, but Stable. Medium-term Forecast of the Austrian Economy Until 2024"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-53959","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The global economy has been gradually weakening since the first half of 2018. It is predicted that growth will remain sluggish in the coming years. The Austrian economy is expected to grow by 1.4 percent per year on average in the forecast period 2020-2024 (2015-2019 +1.9 percent p.a.), slightly (+0.1 percentage point) stronger than the euro area average. The tax reliefs for private household incomes (family bonus and measures to support low-income earners in 2020 and 2021) will continue to support consumer demand. The average growth of private consumption over the forecast period is predicted at 1.5 percent p.a. (2015-2019 +1.2 percent p.a.). The moderate but stable expansion will allow a steady increase in employment of 1.0 percent p.a. (2015-2019 +1.7 percent p.a.) and the unemployment rate will remain at around 7\u00bd percent. In the medium term, price increases according to the consumer price index will be moderate at 1\u00be percent p.a., and the inflation differential to the euro area is expected to remain at around \u00bc percentage point. Based on the forecast of nominal economic growth at +3.2 percent p.a. and the assumed economic policy measures, the fiscal balance of public households will remain positive over the forecast period at around \u00bd percent of nominal GDP. As a result, the government debt ratio (general government debt as a percentage of nominal GDP) is predicted to fall to around 56 percent by 2024.","onlinedate":"2019-12-10 12:00:00","lang":"English","publication_series":"","publication_date":"20191201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Austria\",\"Medium-term forecast\",\"general government\",\"macroeconomics\"]","jelcodes":"[]","related_publications":"[]","pdf":380354,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"24","monthly_report_pages":"99-117","monthly_report_pages_sort":"99","issue":"12","journal":"WIFO Bulletin","publisher":"","invisible":false,"external":false,"embargo_date":"2019-12-10 12:00:00","types":[50590],"research_groups":[3500,3481],"collaboration":"","persons":[3530,3641,3731,3865],"persons_data":"[{\"personId\":3530,\"personName\":\"Josef Baumgartner\",\"organisationNames\":[]},{\"personId\":3641,\"personName\":\"Serguei Kaniovski\",\"organisationNames\":[]},{\"personId\":3731,\"personName\":\"Michael Klien\",\"organisationNames\":[]},{\"personId\":3865,\"personName\":\"Stefan Schiman\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Baumgartner, J.<\\\/span><span>, Kaniovski, S.<\\\/span><span>, Klien, M.<\\\/span><span>, &amp; Schiman, S.<\\\/span> (2019). <span>Economic Growth Remains Low, but Stable. Medium-term Forecast of the Austrian Economy Until 2024<\\\/span>. <span><em>WIFO Bulletin<\\\/em><\\\/span>, <em>24<\\\/em>(12), 99-117. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/62232\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/62232<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Baumgartner J<\\\/span><span>, Kaniovski S<\\\/span><span>, Klien M<\\\/span><span>, Schiman S<\\\/span>. <span class=\\\"title\\\"><span>Economic Growth Remains Low, but Stable. Medium-term Forecast of the Austrian Economy Until 2024<\\\/span><\\\/span>. <span>WIFO Bulletin<\\\/span>. 2019 Dec;24(12):99-117.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{ad4b45bc4bc845a0a97b934c61bbd45e,<\\\/div><div>  title    = \\\"Economic Growth Remains Low, but Stable. Medium-term Forecast of the Austrian Economy Until 2024\\\",<\\\/div><div>  abstract = \\\"The global economy has been gradually weakening since the first half of 2018. It is predicted that growth will remain sluggish in the coming years. The Austrian economy is expected to grow by 1.4 percent per year on average in the forecast period 2020-2024 (2015-2019 +1.9 percent p.a.), slightly (+0.1 percentage point) stronger than the euro area average. The tax reliefs for private household incomes (family bonus and measures to support low-income earners in 2020 and 2021) will continue to support consumer demand. The average growth of private consumption over the forecast period is predicted at 1.5 percent p.a. (2015-2019 +1.2 percent p.a.). The moderate but stable expansion will allow a steady increase in employment of 1.0 percent p.a. (2015-2019 +1.7 percent p.a.) and the unemployment rate will remain at around 7\u00bd percent. In the medium term, price increases according to the consumer price index will be moderate at 1\u00be percent p.a., and the inflation differential to the euro area is expected to remain at around \u00bc percentage point. Based on the forecast of nominal economic growth at +3.2 percent p.a. and the assumed economic policy measures, the fiscal balance of public households will remain positive over the forecast period at around \u00bd percent of nominal GDP. As a result, the government debt ratio (general government debt as a percentage of nominal GDP) is predicted to fall to around 56 percent by 2024.\\\",<\\\/div><div>  keywords = \\\"Austria, Medium-term forecast, general government, macroeconomics, Austria, Medium-term forecast, general government, macroeconomics\\\",<\\\/div><div>  author   = \\\"Josef Baumgartner and Serguei Kaniovski and Michael Klien and Stefan Schiman\\\",<\\\/div><div>  note     = \\\"Medium-term Forecast\\\",<\\\/div><div>  year     = \\\"2019\\\",<\\\/div><div>  month    = dec,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  volume   = \\\"24\\\",<\\\/div><div>  pages    = \\\"99--117\\\",<\\\/div><div>  journal  = \\\"WIFO Bulletin\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Economic Growth Remains Low, but Stable. Medium-term Forecast of the Austrian Economy Until 2024<\\\/p><p>AU  - Baumgartner, Josef<\\\/p><p>AU  - Kaniovski, Serguei<\\\/p><p>AU  - Klien, Michael<\\\/p><p>AU  - Schiman, Stefan<\\\/p><p>N1  - Medium-term Forecast<\\\/p><p>PY  - 2019\\\/12<\\\/p><p>Y1  - 2019\\\/12<\\\/p><p>N2  - The global economy has been gradually weakening since the first half of 2018. It is predicted that growth will remain sluggish in the coming years. The Austrian economy is expected to grow by 1.4 percent per year on average in the forecast period 2020-2024 (2015-2019 +1.9 percent p.a.), slightly (+0.1 percentage point) stronger than the euro area average. The tax reliefs for private household incomes (family bonus and measures to support low-income earners in 2020 and 2021) will continue to support consumer demand. The average growth of private consumption over the forecast period is predicted at 1.5 percent p.a. (2015-2019 +1.2 percent p.a.). The moderate but stable expansion will allow a steady increase in employment of 1.0 percent p.a. (2015-2019 +1.7 percent p.a.) and the unemployment rate will remain at around 7\u00bd percent. In the medium term, price increases according to the consumer price index will be moderate at 1\u00be percent p.a., and the inflation differential to the euro area is expected to remain at around \u00bc percentage point. Based on the forecast of nominal economic growth at +3.2 percent p.a. and the assumed economic policy measures, the fiscal balance of public households will remain positive over the forecast period at around \u00bd percent of nominal GDP. As a result, the government debt ratio (general government debt as a percentage of nominal GDP) is predicted to fall to around 56 percent by 2024.<\\\/p><p>AB  - The global economy has been gradually weakening since the first half of 2018. It is predicted that growth will remain sluggish in the coming years. The Austrian economy is expected to grow by 1.4 percent per year on average in the forecast period 2020-2024 (2015-2019 +1.9 percent p.a.), slightly (+0.1 percentage point) stronger than the euro area average. The tax reliefs for private household incomes (family bonus and measures to support low-income earners in 2020 and 2021) will continue to support consumer demand. The average growth of private consumption over the forecast period is predicted at 1.5 percent p.a. (2015-2019 +1.2 percent p.a.). The moderate but stable expansion will allow a steady increase in employment of 1.0 percent p.a. (2015-2019 +1.7 percent p.a.) and the unemployment rate will remain at around 7\u00bd percent. In the medium term, price increases according to the consumer price index will be moderate at 1\u00be percent p.a., and the inflation differential to the euro area is expected to remain at around \u00bc percentage point. Based on the forecast of nominal economic growth at +3.2 percent p.a. and the assumed economic policy measures, the fiscal balance of public households will remain positive over the forecast period at around \u00bd percent of nominal GDP. As a result, the government debt ratio (general government debt as a percentage of nominal GDP) is predicted to fall to around 56 percent by 2024.<\\\/p><p>KW  - Austria<\\\/p><p>KW  - Medium-term forecast<\\\/p><p>KW  - general government<\\\/p><p>KW  - macroeconomics<\\\/p><p>KW  - Austria<\\\/p><p>KW  - Medium-term forecast<\\\/p><p>KW  - general government<\\\/p><p>KW  - macroeconomics<\\\/p><p>M3  - WIFO series<\\\/p><p>VL  - 24<\\\/p><p>SP  - 99<\\\/p><p>EP  - 117<\\\/p><p>JO  - WIFO Bulletin<\\\/p><p>JF  - WIFO Bulletin<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","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 v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Economic Growth Remains Low, but Stable. 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