The recession passed the Eurozone

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The position that the eurozone recession passed and that all countries, except Cyprus, can count on the economic growth, albeit weak, in 2014, made ​​during the presentation in Vienna forecasts for the next year of Austrian Central Bank governor and member of the Executive Board of the European Central Bank, Ewald Nowotny, while warning that this recovery may not be stopped, but to have a realistic behavior. The Ewald Nowotny argued against taking shock measures and asked to be careful interventions that have been spared the consumption and investment, noting that Austria has achieved wisely stabilization and for this reason the country has much better results than countries that have implemented shock therapy.


He added that the current account deficit has increased in Austria clearer than in the rest of the Eurozone as a whole, but not to such an extent that could upset the overall balance in Europe, which shows that the country is competitive and should not be treated with negative way as in last, while international perspective is important to form the new government soon, as this is the desired element of stability.

Austrian Economy Growth
Austrian Economy Growth

The Austrian Central Bank predicts for Austria in 2014 with growth rate of 1.6% with a deficit also 1.6% of GDP and this applies to the Federation, the Länder, the municipalities and the social security funds, but helps to banks with which the deficit would increase, at worst, at 2.2% of GDP. In 2013 the deficit was 1.6% including one billion euros needed as state support until the end of time the Austrian bank Hypo Alpe Adria.

By Nicole P.