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High Economic Growth in 1998, but Increasing Risks in 1999. Economic Outlook for 1998 and 1999

Author

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  • Ewald Walterskirchen

    (WIFO)

Abstract

With a rate of 3.3 percent, economic growth in 1998 will reach the highest value since 1991. This dynamic development is mainly based on a vigorous expansion of exports and investment. The forecast of GDP growth has to be revised downwards for 1999 (+2.8 percent), in line with projections for the global economy. The crisis on the financial markets – the main risk factor of the forecast – will dampen economic growth, a revival of domestic demand notwithstanding. The plunge in world commodity prices will depress inflation to a record low of 1 percent. Unemployment is likely to decline only slightly to 4.4 percent, despite strong employment gains.

Suggested Citation

  • Ewald Walterskirchen, 1998. "High Economic Growth in 1998, but Increasing Risks in 1999. Economic Outlook for 1998 and 1999," Austrian Economic Quarterly, WIFO, vol. 3(4), pages 167-175, October.
    • Handle: RePEc:wfo:wquart:y:1998:i:4:p:167-175
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    Cited by:

    1. Fritz Schebeck & Andrea Weber, 1999. "Austrian Economy Prepared for EMU. Medium-term Projection for the Austrian Economy Until 2002," Austrian Economic Quarterly, WIFO, vol. 4(1), pages 21-29, January.

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