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Slowdown in Economic Growth. Economic Outlook for 1999 and 2000

Author

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  • Ewald Walterskirchen

    (WIFO)

Abstract

1998 was a prosperous year for Austria's economy despite adverse global economic conditions. At 3.3 percent, GDP growth perceptibly exceeded the EU average. In the fall, however, signs of an impending slowdown appeared, a result of the crises in Asia, Russia, and Latin America as well as of the turbulence on the international financial markets. Thus, economic growth in 1999 is likely to moderate to 2.4 percent, as the negative impact of the global economy is being partly offset by lively domestic demand. The expansion of Austria's economy in 1999 will not be strong enough to markedly reduce the unemployment rate. If policy makers in the major economies react in an appropriate manner to the economic instability, the economic weakness will probably be overcome in the year 2000.

Suggested Citation

  • Ewald Walterskirchen, 1999. "Slowdown in Economic Growth. Economic Outlook for 1999 and 2000," Austrian Economic Quarterly, WIFO, vol. 4(1), pages 5-12, January.
    • Handle: RePEc:wfo:wquart:y:1999:i:1:p:5-12
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