Austria: 2021 Article IV Consultation-Press Release; Staff Report; Staff Supplementary Information; and Statement by the Executive Director for Austria

2021 Article IV Consultation-Press Release; Staff Report; Staff Supplementary Information; and Statement by the Executive Director for Austria

Volume/Issue: Volume 2021 Issue 203

Publication date: September 2021

ISBN: 9781513596600

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , flash GDP estimate , COVID infection , price development , COVID death , Policy recommendation , COVID-19 , External sector statistics , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Balance of payments statistics , Income , Central and Eastern Europe , Eastern Europe , Europe , Global

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Summary

Austria entered the crisis from a strong position. Prudent policies prior to the pandemic provided significant policy space. Several lockdowns helped contain the virus but significantly impaired the economy. Real GDP contracted by 6.3 percent in 2020 and declined further in early 2021. The 2021 recovery is expected to be modest; the tourism and hospitality sectors will continue to be affected. Over the medium term, growth will accelerate in 2022 and then stabilize at potential, but the output level will remain somewhat below the pre-COVID trend. Uncertainty remains high.