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Austria : 2014 Article IV Consultation: Staff Report: Press Release: and Statement by the Executive Director for Austria.

Author: International Monetary Fund.
Publisher: Washington, D.C. : International Monetary Fund, ©2014.
Series: IMF country report, no. 14/278.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
KEY ISSUES Context: Austria did not experience a severe boom-bust cycle and came through the crisis relatively well. The main impact was on the banking sector and public debt. With cyclical slack low and the recovery taking hold, this is the time to resolve crisis legacies and address long-standing structural issues. Outlook and risks: The recovery is taking hold, driven by a pick-up in exports. The most acute risks  Read more...
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Additional Physical Format: Print version:
International Monetary Fund.
Austria : 2014 article IV consultation-staff report; press release; and statement by the executive director for Austria.
Washington, District of Columbia : International Monetary Fund, c2014
58 pages
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: International Monetary Fund.
ISBN: 9781498395595 1498395597
OCLC Number: 890657817
Notes: "September 2014."
"July 31, 2014"--Page 2 of pdf.
Description: 1 online resource (73 pages) : color illustrations.
Series Title: IMF country report, no. 14/278.
Other Titles: Austria, 2014 article IV consultation

Abstract:

KEY ISSUES Context: Austria did not experience a severe boom-bust cycle and came through the crisis relatively well. The main impact was on the banking sector and public debt. With cyclical slack low and the recovery taking hold, this is the time to resolve crisis legacies and address long-standing structural issues. Outlook and risks: The recovery is taking hold, driven by a pick-up in exports. The most acute risks are mainly geopolitical and could in particular lead to financial spillovers. Financial sector policies: Bank restructuring should now be rapidly completed and bad asset disposal accelerated. Large internationally active banks should stand ready for further capital increases, and the EU banking union framework needs to be swiftly transposed at the national level. Public expenditure reforms: More decisive expenditure reforms in key areas such as pensions, health care, subsidies, and fiscal federalism would generate savings that could be used for both an accelerated debt reduction and lower labor taxation. Boosting potential output growth: Enhancing IT adaptation, improving the performance of the education system, facilitating access to financing for innovative start- ups, and reducing administrative barriers for new businesses would raise potential growth and labor productivity.

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