The unemployment rate and employment rate in Austria are in line with the European average. Economists wrote this in the Competitiveness Radar, published on Wednesday. In both cases, the situation has deteriorated slightly compared to last year.
The race radar numbers are from the years 2019 to 2021, with the majority attributable to the previous year. “In a European comparison, Austria was only 15th in unemployment and 13th in employment in 2021. In both cases, this again represents a slight deterioration compared to last year. In a long-term comparison, Austria clearly lags behind,” the researchers from Wifo (Austrian Institute for Economic Research, note) wrote.
In terms of employment rates, Austria ranked 23rd out of 30 countries compared. The percentage of full-time equivalents has stagnated for 20 years, while full-time employment is steadily increasing in most other European countries. In Germany there is a clear difference between men and women between the ages of 25 and 44.
increased risk of poverty
In terms of income distribution, Austria ranks 12th out of 29 countries compared. “Austria has recently lost significant ground in terms of poverty risk and income distribution. In particular, the at-risk-of-poverty rate was noticeably higher in 2021 than in the previous year,” the research team notes. On average across all indicators, Austria fell by 4.3 percentage points. The state’s world market share has fallen sharply, partly due to a decline in tourism exports.
Opposition: there is a risk of further loss of competitiveness
The opposition is now warning of an “economic catastrophe year” (FPÖ business spokesman Erwin Angerer, note) 2023. There is a risk of further loss of competitiveness if Austrian companies have to compete with the German economy given high gas prices, SPÖ spokesman said Christoph Matznetter in a broadcast.
“While EU countries such as Hungary, the Czech Republic and Slovakia have made use of the exemption indefinitely, the black-green government continues its anti-population and anti-business line in terms of EU membership,” said the minister. FPÖ spokesman Erwin Angerer. He referred primarily to the Russian freeze on oil sales.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
