Economy Back on Growth Track
Progress in the fight against the Corona pandemic is supporting the recovery of the global economy. With the global economic upturn and the withdrawal of containment measures, the Austrian economy is likely to return to a solid growth path. After a decline of 6.6 % in the previous year, real GDP should rise by 2.6 % in 2021 and by 4.3 % in 2022. As the economy picks up, the unemployment rate, which rose sharply to 9.9% last year, should fall to 9.3 % this year and 8.5 % next year. Due to rising energy prices, the inflation rate is forecast to climb to 2.0 % in 2021 and is expected to remain at this level. Structural reforms that promote the sustainability of public finances and an ecological tax reform should be implemented.