20.09.2020

Strengthening Austria's Export Industry

WIFO Research Brief Outlines Options During the COVID-19 Pandemic

The current historical economic crisis is showing effects of unprecedented dimensions, which also affect foreign trade and are expected to accelerate and deepen the unfavourable development of the Austrian export industry in the aftermath of the financial market and economic crisis in 2008-09. A recent WIFO Research Brief by Andreas Reinstaller and Klaus Friesenbichler outlines options to strengthen the Austrian export industry during the COVID-19 pandemic.

Generous monetary and fiscal policy measures have contributed to the stabilisation of companies during the COVID-19 pandemic, but structural policies to diversify exports and increase resilience are still necessary. This means an intelligent combination of technology policy and export promotion with the aim to technologically and geographically diversify the export portfolio. Economic policy approaches include a strategic location policy, strengthening the competence base, promoting the resilience of the export industry or using trade in services in manufacturing.