Austria's economy on the abyss: alarming numbers and solutions!

Austria's economy on the abyss: alarming numbers and solutions!

Laimgrubengasse 10, 1060 Wien, Österreich - The alarming labor market data for November throw a bright light on the challenges that the Austrian economy faces. "We have a massive competitive problem," explains Karlheinz Kopf, General Secretary of the Austria Chamber of Commerce (WKÖ). These figures are particularly worrying because they do not yet take into account the upcoming job losses due to great bankruptcies and closures that have recently become known. Kopf urgently demands measures to protect the location, in particular a reduction in non -wage costs, to compensate for the high wage costs that many companies have pushed out of the market internationally. This reduction would not only reduce the tax load, but also help to keep employees and to better survive crises, reports the WKÖ.

urgent need for action for the business location

With a decline of 0.7 % of economic output this year, the Austrian National Bank (OENB) predicts only a minimal growth of 0.6 % for 2024. "Austria's economy is in the recession," says Kopf, emphasizing the need to set up the location in the best possible way. In order to relieve the companies, sustainable support measures are required, which ensure both immediate and long -term improvements. This includes, among other things, tax relief and in particular the reduction in non -wage costs, which should enable companies to keep workers in difficult times.

In addition, the OENB illustrates that unemployment will increase in the coming year despite the existing shortage of labor. In order to stabilize the modern labor market, comprehensive measures for digital and ecological transformation are essential. "We have to support our companies in order to be able to use the opportunities that are in the transformation," said Kopf. Exports are expected to increase by 1.5 %, but there are also risks that could endanger growth, such as geopolitical tensions and the loss of export market shares. In order to counteract this, the export industry has to be designed more resilient, according to Kopf, while pointing out the opportunities in Asian growth markets such as India and Indonesia.

These current developments illustrate the urgent need for action to ensure the competitiveness of the Austrian economy and to avert the negative consequences for the labor market. You can find more information on OTS href = "https://www.wko.at/oe/news/kopf-stort-besto-bestmoglich-buten"> wkö .