Austria's economy in the crisis: immediate measures required!

Austria's economy in the crisis: immediate measures required!

Austria's economy is on the abyss and time is urgent: On February 14, 2025, leading representatives of the industry and the economic association urgently demanded a comprehensive renovation package for the Austria location. The alarming economic figures show a dramatic decline in industrial production: a decrease of 9.5 percent in 2024, which makes Austria the bottom of the euro area, while the EU has only dropped by an average of 1.7 percent. Christoph Neumayer, General Secretary of the Industrial Association, and Kurt Egger, General Secretary of the Economic Association, emphasize that a federal government, which is capable of acting, is now necessary in order not to lose any other opportunities for a delicate growth, such as ots.at reported.

Another critical point is the impending deficit procedure by the EU Commission. Neumayer emphasizes that the savings plans submitted by Austria to be implemented quickly are decisive to renovate the budget and escape the deficit process. For this purpose, Egger calls for drastic reduction in non -wage costs to strengthen the competitiveness of companies. This is urgently necessary due to the increasing wage costs and increasing international competition in order to restore the attractiveness of Austria as a production location, according to the experts. "We have to relieve the service providers so that we can secure the stability of our social system," Egger is quoted.