| Author (Corporate) | Organisation for Economic Co-operation and Development (OECD) |
|---|---|
| Publisher | OECD Publishing |
| Series Title | Policy Brief |
| Series Details | July 2009 |
| Publication Date | July 2009 |
| Content Type | Journal | Series | Blog, Report |
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So far, Austria has weathered the global financial crisis better than other OECD countries. Even so, it is entering its worst recession in half a century. Moreover, its strong economic links with Central and Eastern Europe involve risks to GDP growth and financial stability. In the face of the crisis, the stance of monetary policy has been loosened in the euro area and measures have been taken in Austria to strengthen the liquidity and capital basis of the financial system, whilst automatic stabilisers coupled with discretionary fiscal measures also serve as a cushion. Beyond the ongoing crisis, the economy will need to be put on a stronger growth path, and to regain the ground lost over the past decade vis-à-vis better-performing economies. There is room and need for policies to enhance both labour productivity and labour utilisation. High-quality education is key both for growth and social cohesion. Austria’s education system, from pre-school to university, should be strengthened. Ambitious reforms, which have already been launched in some areas, should be considered a national priority. |
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| Source Link | Link to Main Source http://www.oecd.org/dataoecd/4/27/43038042.pdf |
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| Countries / Regions | Austria |
