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2020/03/26 / Erste Group Research

The coronavuris crisis sends Austria into recession

Due to the current situation, the Austrian economy will shrink, as the strict measures imposed in many countries will weigh on exports and investment, while domestic restrictions to contain the virus will dampen consumer spending. Based on the information currently available, we forecast a recession in Austria of around -2.6% this year.

Last week, the Austrian government announced a EUR 38bn package to support the economy in the face of the crisis. The government has pledged to do all it can to defuse the situation and curb rising unemployment.


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General information

AuthorErste Group Research
Date2020/03/26
Languageen
Product nameSpecial Reports Macro, Fixed Income
Topic in focusFX, Macro/ Fixed income
Economy in focusAustria
Currency in focusEuro
Sector in focus-
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