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OECD Economic Survey Gives Austria Good Marks

17. July 2013

Austrian economy continues to perform well

At the beginning of July 2013 the Organization for Economic Cooperation and Development (OECD) published its individual country report on Austria (“Economic Survey Austria 2013“) which generally appears every two years.
The report attests that the Austrian economy continues to put in a remarkable economic performance while a high level of social cooperation remains. This strength is based on three cornerstones:

• A successful, competitive export-oriented economy with companies who have understood how to exploit the advantages of European integration in past decades for the benefit of employees, shareholders and also the public treasury.

• Highly qualified and motivated employees; good data is generally reported on the labor market as well as a low level of unemployment and especially low youth unemployment.

• Social partners who assume responsibility by also developing reform proposals for the government above and beyond the traditional negotiations on wages and working conditions as well as social insurance services.

With respect to its budgetary and financial policy, pressure remains on the public deficit, according to the OECD. Accordingly, the OECD recommends that the country continue its budgetary consolidation efforts.

http://www.keepeek.com/Digital-Asset-Management/oecd/economics/oecd-economic-surveys-austria-2013/executive-summary_eco_surveys-aut-2013-2-en

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