OenB Governor Holzmann: Austria has come through the crisis better than other countries
After the economic downturn in the corona year 2020, the central bank in Austria expects a sustained economic recovery. After an estimated decline in gross domestic product of 7.1 percent in the current year, the Oesterreichische Nationalbank (OeNB) is forecasting GDP growth of 3.6 percent for 2021 in a forecast published on Wednesday.
For the next two years growth rates of 4.0 percent and 2.2 percent are forecast. At the end of 2022, economic output should therefore return to pre-crisis levels.
“Austria has come through the crisis better than other countries. The government's support measures have not failed to have an impact and have effectively supported the Austrian economy in this difficult phase,” said OenB Governor Robert Holzmann.
Holzmann is expecting an increase in insolvencies in individual sectors in the next year, but a wave of insolvencies and an exponential rise in unemployment have been avoided so far.
