Austria: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria

September 8, 2010

Preview Citation

Format: Chicago

Austria: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria, (USA: International Monetary Fund, 2010) accessed November 22, 2024

Summary

Austria’s recession had limited effects on unemployment. Investment declined sharply but consumption helped cushion the recession, supported by tax cuts and various labor market measures together with large increases in real wages. Austria’s fiscal position has weakened significantly in recent years, although to a lesser extent than the euro area average. The authorities’ plan to embark on a decisive fiscal consolidation path is welcomed. They recognized, however, that reducing the share of foreign exchange loans, while providing continued financing to central and southeastern Europe, will be challenging.

Subject: Aging, Banking, Expenditure, Financial institutions, Income, Loans, National accounts, Population and demographics, Public debt

Keywords: Aging, Austria's economic growth, CEBS stress tests, CR, Eastern Europe, Europe, Global, Income, ISCR, Loans, Outturn, Reported non performing loans, Spending ministry, Staff appraisal

Publication Details

Pages:

49
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2010/276
Stock No:

1AUTEA2010001
ISBN:

9781455205530
ISSN:

1934-7685

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