Is the Austrian Industry still competitive?

People ♦ Published: November 26, 2010; 14:11 ♦ (Vindobona)

The chief economist of the Industriellenvereinigung (IV), Christian Helmenstein, draws a sobering picture on the future of the domestic industry.

Is the Austrian Industry still competitive? / Picture: ©

On the occasion of the meeting of the Carynthian IV (Industrialists Association), Helmenstein analyzed the course of economic crisis. This has not been a crisis of the financial markets, but rather it has been caused by over-investment and differing competitive abilities.

Since Austria was with 1,735 working hours second to last place in the OECD comparison, he criticized the…