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2020 OECD Economic Outlook, Volume 2020 Issue 1

image of OECD Economic Outlook, Volume 2020 Issue 1

The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.

Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment of the macroeconomic situation, a series of notes on the macroeconomic and structural policy issues related to the COVID-19 outbreak and a chapter summarising developments and providing projections for each individual country.

English Also available in: German, French

Austria

The COVID‑19 outbreak has been relatively contained so far and the lockdown started to be gradually lifted in mid-April. GDP is projected to contract by 6.2% in 2020 if there are no further virus outbreaks (the single‑hit scenario), and by over 7% if there is a renewed outbreak later this year (the double‑hit scenario). Economic activity will pick up as confinement measures ease, but the economic recovery will nevertheless take time, with output still below its pre-crisis level by the end of 2021. Unemployment, and the number of people on short-time work schemes, has soared and is projected to remain high through the projection period. Given additional spending as part of the policy response and weaker tax revenues, a large government budget deficit will open up. The comparatively low rate of inflation is expected to slow in the near term, picking up somewhat in 2021.

English Also available in: French

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