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2017 OECD Economic Surveys: Austria 2017

image of OECD Economic Surveys: Austria 2017

Austria is a stable and wealthy economy and growth has picked up following the 2016 tax reform and the recovery of export demand. Employment has expanded, driven by rising participation of women and elderly and by immigration, although hours worked per worker have declined. Nonetheless, like in most OECD countries, productivity has slowed. Boosting potential growth requires reforms in a broad range of areas.

Austria’s transition to a digital economy and society is progressing but is slower than in the most advanced economies. A whole-of-government approach should help embrace change and facilitate the flourishing of innovative businesses, work practices and lifestyles throughout Austria. Digitalisation will redesign production processes and alter the relationships between work and leisure, capital and labour, the rich and the poor, the skilled and the unskilled. Under the aegis of the “Digital Roadmap” they issued earlier in 2017, policy makers will need to ensure equality of opportunities in the race with technology, and find the appropriate level of redistribution of the gains associated with digitalisation to foster social cohesion.

SPECIAL FEATURES: DIFFUSING DIGITAL INNOVATIONS; LABOUR MARKETS IN THE DIGITAL ERA

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Basic statistics of Austria, 2016

(Numbers in parentheses refer to the OECD average)

This Survey is published on the responsibility of the Economic and Development Review Committee (EDRC) of the OECD, which is charged with the examination of the economic situation of member countries.The economic situation and policies of Austria were reviewed by the Committee on 19 June 2017. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 28 June 2017.The Secretariat’s draft report was prepared for the Committee by Rauf Gönenç and Volker Ziemann, with help from Vincenzo Spiezia (STI), under the supervision of Vincent Koen. Kamran Kazemzadeh (Ministry of Finance) and Michael Kraft (Federal Chancellery), seconded to the OECD Secretariat, provided very valuable inputs. Research assistance was provided by Béatrice Guérard and secretarial assistance by Sisse Nielsen and Mercedes Burgos. This Survey is published under the responsibility of the Secretary-General of the OECD.The previous Survey of Austria was issued in July 2015.

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