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Austria Threatened by Recession: Finance Minister Marterbauer Warns of Difficult Year Ahead
Finance Minister Markus Marterbauer (SPÖ) made a grim forecast for the Austrian economy at a meeting of the EU Economic and Financial Affairs Council (ECOFIN) in Brussels. According to Marterbauer, the country must expect a recession in 2025. This could have far-reaching consequences for the budget and the government's ability to act financially. Despite this negative development, the federal government is sticking to its goal of avoiding an EU deficit procedure.
Austria's Finance Minister Dr. Markus Marterbauer warns of shrinking economic growth and explains that the government nevertheless wants to avoid the EU deficit procedure with austerity measures. / Picture: © BKA/Brauneis
As the Finance Minister emphasized, the next forecast by the Austrian Institute of Economic Research (WIFO) is expected to show negative economic growth. The WIFO had already warned in an earlier assessment that Austria could experience a decline in gross domestic product (GDP) of 0.7 percent in 2025. This would put Austria in a particularly bad position compared to the rest of…
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