A new IHS Policy Brief discusses the economic consequences of the current outbreak of the novel coronavirus (based on information available on 17 March). Assuming, current measures by the Austrian government stay in place for four weeks, GDP is expected to shrink by EUR 11.6 billion or 3,12 percent.
The decline is caused by the partial "shutdown" as well as by the international effects and the economic interdependence with foreign countries. Loss in taxes can be put at around EUR 3.8 billion, however, this figure does not include the costs of the measures taken (such as the funds made available for short-time work, but also others) and the additional expenditure for hospitals etc., because it is not yet possible to make a serious estimate of how these will be used or how high they will be for the year as a whole.
Read the whole Policy Brief online (in German)