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Medium-term Forecasts for the Austrian Economy until 2000. Budget Consolidation in Anticipation of the Economic and Monetary Union

By Fritz Schebeck

Abstract

After a two year slump, Austria's economy is expected to recover in 1998. Over the whole forecast period 1995-2000 the economy will grow by 1.8 percent per year, a rate slightlyless than the rate forecast for the entire EU (2.1 percent). According to the forecast, net government borrowing is likely to fall to 3 percent of GDP by 1997, allowing Austria to meet the convergence criteria for participation in the monetary union of the EU. The pick-up in economic activity and a continuation of fiscal discipline might even reduce the net deficit rate to 2 percent by the year 2000.Medium-term Forecasts for the Austrian Economy until 2000. Budget Consolidation in Anticipation of the Economic and Monetary Union

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