Our neighboring region will also have a good one percent higher growth in 2023, which will help the domestic economy against the weakness in Western Europe.
The picture can hardly be different: Thanks to an excellent half-year, the economy in almost all of Europe is doing better than expected this year. The GDP growth rates for 2022 have therefore increased significantly. According to Wifo, Austria should grow by 4.8 percent, the EU by 3.3 percent. For our neighboring region of Central, Central and Southeastern Europe (CESEE), the Vienna Institute for International Economic Comparisons (WIIW) even expects an increase of 3.9 percent, according to institute head Mario Holzner: “The recovery effect after the peak of the pandemic was stronger than expected.”
Next year, on the other hand, growth is likely to be lower everywhere than forecast in the summer. Austria would be disproportionately affected.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
