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Sovereign Debt Crisis Tightening Its Grip on the Real Economy. Economic Outlook for 2012 and 2013

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  • Marcus Scheiblecker

Abstract

The sovereign debt crisis in the euro area prompted many EU countries to step up efforts at fiscal consolidation in order to stem the rise in interest rates on their government bonds. This will dampen internal demand in the years to come, in particular if budgetary retrenchment should lose sight of policies for long-term economic growth and labour market conditions. At the same time, business activity outside the euro area is losing momentum. As a consequence, GDP growth in Austria is projected to slow down to a modest 0.4 percent in 2012. In 2013, Austria will benefit from the expected global recovery, although growth will remain subdued at 1.6 percent in volume, given the continued restrictive stance of fiscal policy across Europe.

Suggested Citation

  • Marcus Scheiblecker, 2011. "Sovereign Debt Crisis Tightening Its Grip on the Real Economy. Economic Outlook for 2012 and 2013," WIFO Economic Outlook, WIFO, number 43332, November.
    • Handle: RePEc:wfo:wkprog:43332
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    Cited by:

    1. Stefan Ederer & Serguei Kaniovski & Hans Pitlik & Thomas Url, 2012. "Slow Upturn Following Soft Patch in 2012. Medium-term Forecast of the Austrian Economy until 2016," Austrian Economic Quarterly, WIFO, vol. 17(1), pages 12-23, February.

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