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The European Economy in Recession – Domestic Policy Action Cushioning the Downturn. Economic Outlook for 2009 and 2010

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  • Marcus Scheiblecker

Abstract

The cyclical downturn of the world economy is being severely exacerbated by the international financial crisis. The real economy in Europe suffers from its repercussions to a surprisingly large extent. GDP in the euro area is projected to fall by 1.2 percent in volume in 2009. The Austria economy will not escape the downward trend, even if the strongly expansionary stance of fiscal policy will dampen its momentum. Austria's GDP is therefore expected to recede by a relatively modest 0.5 per cent. With a tentative recovery of the global economy forecast to take hold in 2010, growth in Austria should resume at a rate of 0.9 percent.

Suggested Citation

  • Marcus Scheiblecker, 2009. "The European Economy in Recession – Domestic Policy Action Cushioning the Downturn. Economic Outlook for 2009 and 2010," Austrian Economic Quarterly, WIFO, vol. 14(1), pages 1-10, January.
    • Handle: RePEc:wfo:wquart:y:2009:i:1:p:1-10
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    Keywords

    Economic Outlook; Austria;

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