{"id":55683,"date":"2023-12-01T18:48:36","date_gmt":"2023-12-01T17:48:36","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/compensation-of-high-economic-losses-economic-outlook-for-2020-to-2022\/"},"modified":"2024-11-19T10:13:18","modified_gmt":"2024-11-19T09:13:18","slug":"compensation-of-high-economic-losses-economic-outlook-for-2020-to-2022","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/55683\/","title":{"rendered":"Compensation of High Economic Losses. Economic Outlook for 2020 to 2022"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-55683","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"In the summer of 2020, economic recovery in Austria was extraordinarily strong, even by international standards. The second lockdown depresses economic activity again in 2020, but \u2013 since industry is less affected \u2013 by less than the first. Overall, real GDP fell by 7.3 percent in 2020 and unemployment rose by one-third despite the use of COVID-19 short-time work. Without a further lockdown (\"no policy change\"), GDP is expected to grow by 4.5 percent in 2021; and by 2.5 percent with a third lockdown. Upcoming winter tourism in particular will be severely curtailed due to the ongoing travel warnings, or even fully cancelled. Only in the warmer season and with the vaccination coverage of the population can social and economic activities return to normal. In any case, unemployment will remain above the pre-crisis level in 2022.","onlinedate":"2021-01-29 12:00:00","lang":"English","publication_series":"","publication_date":"20210101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"14","keywords":"[\"Business cycle\",\"economic outlook\",\"forecast\"]","jelcodes":"[\"E32\",\"E66\"]","related_publications":"[]","pdf":417159,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"2","journal":"WIFO Reports on Austria","publisher":"","invisible":false,"external":false,"embargo_date":"2021-01-29 12:00:00","types":[44424],"research_groups":[3500],"collaboration":"","persons":[3865],"persons_data":"[{\"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>Schiman, S.<\\\/span> (2021). <span>Compensation of High Economic Losses. Economic Outlook for 2020 to 2022<\\\/span>. <span><em>WIFO Reports on Austria<\\\/em><\\\/span>, (2). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/66848\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/66848<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Schiman S<\\\/span>. <span class=\\\"title\\\"><span>Compensation of High Economic Losses. Economic Outlook for 2020 to 2022<\\\/span><\\\/span>. <span>WIFO Reports on Austria<\\\/span>. 2021 Jan;(2).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{a1a03e1a4c8b474c8c4ce9100c420518,<\\\/div><div>  title    = \\\"Compensation of High Economic Losses. Economic Outlook for 2020 to 2022\\\",<\\\/div><div>  abstract = \\\"In the summer of 2020, economic recovery in Austria was extraordinarily strong, even by international standards. The second lockdown depresses economic activity again in 2020, but \u2013 since industry is less affected \u2013 by less than the first. Overall, real GDP fell by 7.3 percent in 2020 and unemployment rose by one-third despite the use of COVID-19 short-time work. Without a further lockdown ({\\\"}no policy change{\\\"}), GDP is expected to grow by 4.5 percent in 2021; and by 2.5 percent with a third lockdown. Upcoming winter tourism in particular will be severely curtailed due to the ongoing travel warnings, or even fully cancelled. Only in the warmer season and with the vaccination coverage of the population can social and economic activities return to normal. In any case, unemployment will remain above the pre-crisis level in 2022.\\\",<\\\/div><div>  keywords = \\\"Business cycle, economic outlook, forecast, Business cycle, economic outlook, forecast\\\",<\\\/div><div>  author   = \\\"Stefan Schiman\\\",<\\\/div><div>  note     = \\\"Compensation of High Economic Losses. Economic Outlook for 2020 to 2022\\\",<\\\/div><div>  year     = \\\"2021\\\",<\\\/div><div>  month    = jan,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Reports on Austria\\\",<\\\/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  - Compensation of High Economic Losses. Economic Outlook for 2020 to 2022<\\\/p><p>AU  - Schiman, Stefan<\\\/p><p>N1  - Compensation of High Economic Losses. Economic Outlook for 2020 to 2022<\\\/p><p>PY  - 2021\\\/1<\\\/p><p>Y1  - 2021\\\/1<\\\/p><p>N2  - In the summer of 2020, economic recovery in Austria was extraordinarily strong, even by international standards. The second lockdown depresses economic activity again in 2020, but \u2013 since industry is less affected \u2013 by less than the first. Overall, real GDP fell by 7.3 percent in 2020 and unemployment rose by one-third despite the use of COVID-19 short-time work. Without a further lockdown (\\\"no policy change\\\"), GDP is expected to grow by 4.5 percent in 2021; and by 2.5 percent with a third lockdown. Upcoming winter tourism in particular will be severely curtailed due to the ongoing travel warnings, or even fully cancelled. Only in the warmer season and with the vaccination coverage of the population can social and economic activities return to normal. In any case, unemployment will remain above the pre-crisis level in 2022.<\\\/p><p>AB  - In the summer of 2020, economic recovery in Austria was extraordinarily strong, even by international standards. The second lockdown depresses economic activity again in 2020, but \u2013 since industry is less affected \u2013 by less than the first. Overall, real GDP fell by 7.3 percent in 2020 and unemployment rose by one-third despite the use of COVID-19 short-time work. Without a further lockdown (\\\"no policy change\\\"), GDP is expected to grow by 4.5 percent in 2021; and by 2.5 percent with a third lockdown. Upcoming winter tourism in particular will be severely curtailed due to the ongoing travel warnings, or even fully cancelled. Only in the warmer season and with the vaccination coverage of the population can social and economic activities return to normal. In any case, unemployment will remain above the pre-crisis level in 2022.<\\\/p><p>KW  - Business cycle<\\\/p><p>KW  - economic outlook<\\\/p><p>KW  - forecast<\\\/p><p>KW  - Business cycle<\\\/p><p>KW  - economic outlook<\\\/p><p>KW  - forecast<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Reports on Austria<\\\/p><p>JF  - WIFO Reports on Austria<\\\/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>Compensation of High Economic Losses. 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