OECD Economic Outlook, Volume 2020 Issue 2
The COVID-19 pandemic will cast a long shadow over the world’s economies and the economic outlook is very uncertain. This issue of the OECD Economic Outlook analyses the impacts of COVID-19 on the economy and puts forward projections for output, employment, prices, fiscal and current account balances.
This issue includes a general assessment of the macroeconomic situation, a series of notes on the current policy challenges related to the COVID-19 pandemic and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Austria
GDP is estimated to contract by 8% in 2020 and projected to pick up only gradually over the coming two years, remaining well below its pre-crisis level by the end of 2022. Unemployment has increased significantly, and is projected to remain elevated. Weak tax revenues and a generous support package have resulted in a large budget deficit. Inflation will remain subdued in the near term.
Also available in: French