WIFO Reports on Austria

The WIFO Reports on Austria are short English-language analyses of economic developments in Austria. Contributions on the topics of business cycle, competitiveness, macroeconomics, labour market, digitisation, cash flow and unit labour costs are published regularly, summarising the main developments in these areas in Austria.

The articles of the previous issues "WIFO Bulletin" and "Austrian Economic Quarterly" can be found here: WIFO Bulletin, Austrian Economic Quarterly

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Delayed Recovery in Case of Renewed Lockdown. Economic Outlook for 2021 and 2022
WIFO Reports on Austria, 2021, (5), 14 pages
Online since: 30.04.2021 0:00
Economic activity is currently heavily dependent on the measures taken to contain the COVID-19 pandemic. To frame the range of future economic development, this forecast outlines two scenarios: in the opening scenario, the restrictions are completely lifted in the course of spring. The lockdown scenario, on the other hand, assumes a renewed closure of retail and personal services in April 2021. In the first scenario, economic activity picks up already in spring, with GDP expected to grow by 2.3 percent in 2021 and 4.3 percent in 2022. In the lockdown scenario, the recovery is delayed, with growth of 1.5 percent in 2021 and 4.7 percent in 2022. Private consumption and travel are still weaker in 2022 than before the COVID-19 pandemic. In the labour market, the crisis will remain visible for some time.
JEL-Codes:E32, E66
Keywords:Business cycle, economic outlook, forecast
Research group:Macroeconomics and European Economic Policy

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Hans Pitlik

Function: Senior Economist, Editor WIFO-Monatsberichte and WIFO Reports on Austria

Tamara Fellinger

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Tatjana Weber

Activities: Publications, website, subscriptions