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Austria's social partnership acts as a global role model

25 September 2014

A study has shown that countries with an active social partnership do better in terms of economics – this gives Austria a significant advantage as a business location.

The Austrian social partnership is a success model which has significantly contributed to prosperity, economic growth and job creation in the country. This is shown in the “Social partnership and macroeconomic performance” study by Austrian Institute of Economic Research WIFO .

The study investigates the effects of social partnership structures on different aspects of overall economic performance (economic growth, employment, unemployment, income distribution) in 16 European countries for the period 1990-2012. The findings: economies with more active social partnerships achieve above-average macroeconomic performance rates.

The result is exceptionally positive for Austria – the country has undergone growth equal to or better than the eurozone every year for the last decade, has a high current account surplus, the lowest unemployment rates and the highest income per capita after Luxembourg.

In conclusion, the social partnership is a key advantage for Austria as a business location. The social partners have made a huge contribution to securing Austria’s position as one of the most economically successful countries in the world today.

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