OECD Economic Surveys : Austria 2022.

Format:

Book

Author/Creator:

Organization for Economic Cooperation and Development.

Series:

OECD Economic Surveys: Austria

Language:

English

Subjects (All):

Austria--Economic conditions.

Austria.

Austria--Economic policy.

Physical Description:

1 online resource (134 pages)

Other Title:

Austria 2022

Place of Publication:

Paris : Organization for Economic Cooperation & Development, 2022.

Summary:

Austria is set to overcome the COVID-19 shock and its economic scars with the help of genuine sanitary, health and economic support policies. The country faces the opportunities and the challenges of two major structural transformations: transition to a net zero emission economy, and the generalisation of more advanced forms of digitalisation.

Contents:

Intro

Foreword

Table of contents

Basic statistics of Austria, 2020

Executive Summary

The recovery has been strong until a resurgence in the pandemic

Moving to a greener economy

Social cohesion requires decisive policy action

Fostering productivity gains

1 Key policy insights

The pandemic hit Austria hard, requiring to adjust the sharing of health responsibilities across levels of government

The containment policy mix displayed certain specificities

Differences between Länder and preliminary lessons from the management of the pandemic

Macroeconomic outlook and risks

The recovery has started strong

Supply bottlenecks

Inflation pressures

Housing and banking sector risks

Economic and social supports are being adapted to the recovery

A comprehensive support package

Transition policies out of the pandemic

The tourism sector is facing particular challenges

Consequences and outlook for public finances

Important structural changes are pending after the pandemic

The intended fast shift to carbon neutrality will have important economic impacts

Emission regulations

Carbon prices

Emission saving technologies and investments

Mitigating social impacts

Social cohesion is under pressure

Austria entered the pandemic with a high degree of social cohesion with certain weaknesses

The pandemic has exacerbated existing vulnerabilities on the labour market

Re-integrating the long-term unemployed

Better supporting the free-lancers and the self-employed

Re-addressing gender inequalities

Boosting the inclusion of low-skilled immigrants and their children

Public sector reforms become more compelling

Handling the fiscal costs of ageing

Pensions

Health spending

Long-term care

Fiscal implications of the transition to a greener and digitalised economy.

Strengthening public governance, integrity and trust

Illustrative medium-to-long term growth scenarios and policy recommendations

References

2 Helping the business sector to cope with new opportunities and challenges

COVID-19 induced structural change, adaptation to climate change and population ageing pose challenges to the Austrian growth model

COVID-19 will accelerate structural change

The Austrian growth model has proven successful

Within-sector improvements are a key driver for this success

Fostering Austria's digitalisation potential

Adapting to climate change will transform the business sector

The population is ageing

Adapting business framework conditions to promote productivity growth, an efficient allocation of resources and investments

Productivity growth before the pandemic has slowed down

More vibrant service markets would spur productivity growth

Austria has a well-functioning insolvency and restructuring system

Stimulating the adoption of key digital technologies

Relatively low business dynamism constrains the diffusion of digital technologies

The adoption of digital technologies lags behind innovation leaders

Better access to high-speed broadband and improving digital skills promise large gains

Strengthen digital security

Reinvigorating investments for a resilient recovery

Investment in intangible assets lags behind top performers

Corporate balance sheets have weakened

The capital structure of Austrian businesses risks constraining investment

Tax incentives to stimulate equity financing

Making the most out the available pool of talent

Structural change will require a more efficient allocation of labour

Ageing risks exacerbating labour market mismatches

Underutilised labour resources need to be better mobilised

Upgrading and adjusting skills.

A lack of geographical mobility impedes a better allocation of workers to jobs

Fostering knowledge creation and R&amp

D to boost innovation

Innovative activity is concentrated in well-established sectors but not diversified enough

References.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-50665-9

92-64-71343-3