International Downturn Weighing On Domestic Activity. Economic Outlook for 2008 and 2009

Marcus Scheiblecker

in WIFO Economic Outlook from WIFO

Abstract: Following an increase by 3.1 percent in 2007, economic growth in Austria will moderate to 2 percent this year. While demand and output in the first half of 2008 were clearly more dynamic than in the euro area as a whole, the momentum has slowed steadily since the beginning of the year. Confidence among domestic companies is receding. The cyclical downturn in the USA, high oil prices and exchange rate moves holding back export growth will continue to burden the economy in 2009. Real GDP is expected to advance by a modest 0.9 percent, overshadowing developments also on the labour market where employment growth will level off and the fall in unemployment turn around. The projections rest on the assumption that the adverse effects of the financial market crisis on the real economy will be contained.

Keywords: WIFO; Economic; Outlook; Austria (search for similar items in EconPapers)
Date: 2008
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.wifo.ac.at/wwa/pubid/33899 abstract (text/html)

Related works:
Journal Article: International Downturn Weighing on Domestic Activity. Economic Outlook for 2008 and 2009 (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wfo:wkprog:33899

Access Statistics for this book

More books in WIFO Economic Outlook from WIFO Contact information at EDIRC.
Bibliographic data for series maintained by Florian Mayr ().