{"id":68507,"date":"2023-12-01T23:07:19","date_gmt":"2023-12-01T22:07:19","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/fourth-covid-19-wave-slows-strong-upswing\/"},"modified":"2024-04-03T12:13:49","modified_gmt":"2024-04-03T10:13:49","slug":"fourth-covid-19-wave-slows-strong-upswing","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/68507\/","title":{"rendered":"Fourth COVID-19 Wave Slows Strong Upswing"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-68507","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"Economic Outlook for 2021","text":"Value added in Austria grew significantly in the second quarter 2021, especially in the crisis-hit sectors. However, growth weakened again with the increase in the incidence of infections from August 2021. The renewed COVID-19 wave will again dampen the catch-up process in certain service sectors in the fourth quarter. The economic upswing is, hence, heterogeneous across sectors, but it is extremely strong overall. The labour market is also recovering rapidly but will suffer a temporary setback from the fourth COVID-19 wave. At the same time, inflation will continue to accelerate, while monetary policy \u2013 in line with the ECB's new strategy \u2013 will remain expansionary. The tax reform coming into force in 2022 is not taken into account in this forecast. The forecast period therefore only covers the year 2021.","onlinedate":"2021-11-08 12:00:00","lang":"English","publication_series":"","publication_date":"20211001","publication_date_year":"","publication_date_full":false,"publication_num_pages":"16","keywords":"[\"Business cycle\",\"economic outlook\",\"forecast\"]","jelcodes":"[\"E32\",\"E66\"]","related_publications":"[]","pdf":215156,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"WIFO Reports on Austria","publisher":"","invisible":false,"external":false,"embargo_date":"2021-11-08 00:00:00","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":"","scientific_assistance":"[\"Czaloun Astrid\",\"Steiner Martha\"]","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 v27.3 (Yoast SEO v27.3) - 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