Financial Market Crisis and Public Budgets
The budget plan drawn up in the Austrian Stability Programme 2009-2013 projects government net borrowing above the Maastricht limit of 3 percent of GDP for at least five years. The debt ratio will rise from just below 60 percent of GDP in 2008 to almost 80 percent of GDP in 2013. Fiscal developments expected for the coming years can largely be attributed to the effects of the financial and economic crisis. Austria adopted a set of measures to stabilise the financial market and responded to the drastic worsening of the economic outlook with active discretionary economic stimulus measures. The shortfall in cyclical tax revenues and social contributions as well as additional spending on unemployment benefits and social welfare generate substantial additional budgetary costs.
Volume (Year): 82 (2009)
Issue (Month): 12 (December)
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