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Austria: 2022 Article IV Consultation-Press Release; Staff Report
Author:
International Monetary Fund. European Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2022: Issue 284
Language:
English
Publication Date:
02 Sep 2022
DOI:
https://doi.org/10.5089/9798400219337.002
ISBN:
9798400219337
ISSN:
1934-7685
Pages:
68
Keywords:
gas storage; staff appraisal; staff projection; gas reserve; HICP regulation; External sector statistics; Personal income tax; Inflation; Labor markets; Energy prices; Europe; Global
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Austria is highly vulnerable to spillovers from the war in Ukraine given its high dependence on energy imports from Russia, deep integration into global value chains, and large banking exposures. After high growth in the first half of 2022, growth is projected to fall sharply through 2023 due to impact of the war and the related energy crisis. Over the medium term, annual growth is projected to stabilize around 1¾ percent. However, output will remain below the pre-crisis trend. Uncertainty is extraordinarily high with significant downside risks.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund