Image: M. Hirsch
“We were wrong,” said Holger Bonin, head of the Institute for Advanced Studies (IHS), at the presentation of the autumn economic forecast together with Wifo on Friday in Vienna. A year ago, economists predicted: “A mild recession will be followed by a cautious recovery.” But nothing will come of it. After 2023, Austria’s economic output (GDP) will also shrink this year.
Both Wifo and IHS now expect minus 0.6 percent for 2024. At the end of June they had forecast 0.0 (Wifo) and 0.3 percent (IHS). “This is the longest recession since 1946, although not the deepest,” said Wifo boss Gabriel Felbermayr on Friday. Inflation is falling and unemployment is rising (see chart for details).
Image: M. Hirsch
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Image: M. Hirsch
Source: Nachrichten
