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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Compensation of High Economic Losses. Economic Outlook for 2020 to 2022
WIFO Reports on Austria, 2021, (2), 14 pages
Study by: Austrian Institute of Economic Research
Online since: 29.01.2021 0:00
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 – since industry is less affected – 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.
JEL-Codes:E32, E66
Keywords:Business cycle, economic outlook, forecast
Research group:Macroeconomics and European Economic Policy

Contact persons

Hans Pitlik

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

Tamara Fellinger

Activities: Publications, website, subscriptions

Tatjana Weber

Activities: Publications, website, subscriptions