Higher Oil Prices and Budgetary Consolidation Dampen Economic Growth. Economic Outlook for 2000 and 2001

Ewald Walterskirchen
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Ewald Walterskirchen: WIFO

Austrian Economic Quarterly, 2000, vol. 5, issue 4, 155-162

Abstract: The massive rise in oil prices and more determined policy efforts to consolidate public finances will make for a slowdown in economic growth next year. Following a strong cyclical upswing in 2000 (+3.5 percent), activity is set to expand by a more moderate 2.8 percent in 2001. Inflation is expected to abate once oil prices start falling from their current peak, and the rate of unemployment should remain on a clear downward trend. The general government deficit target of ¾ percent of GDP can be met on the basis of the tighter fiscal stance, while the public revenue/GDP ratio will rise significantly.

Keywords: Higher; Oil; Prices; and; Budgetary; Consolidation; Dampen; Economic; Growth.; Economic; Outlook; for; 2000; and; 2001 (search for similar items in EconPapers)
Date: 2000
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