After the economic slump in 2020, the OeNB expects a sustained improvement. It announced when the pre-crisis level should be reached again.
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 (GDP) of 7.1 percent in the current year, the Austrian National Bank (OeNB) expects in a forecast published on Wednesday for the coming year 2021 with an increase in gross domestic product of 3.6 percent.
For the next two years growth rates of 4.0 percent and 2.2 percent are forecast. Economic output should return to pre-crisis levels by the end of 2022.
“The government's support measures did not fail to have an effect and provided effective support for the Austrian economy in this difficult phase,” said OeNB Governor Robert Holzmann.
Although he anticipates an increase in insolvencies in individual sectors next year, a wave of insolvencies and an exponentially rising unemployment have so far been avoided.
