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Austria's economy on the rise: How the reforms are making progress!
Leadersnet reports on the start of the year at UBIT NÖ, where experts spoke about economic growth, reducing bureaucracy and the need for reform.
Austria's economy on the rise: How the reforms are making progress!
In a significant step towards revitalizing the Austrian economy, the annual kick-off event of the Lower Austria Management Consulting, Accounting and IT Association (UBIT) took place at the Gabrium in Maria Enzersdorf. Under the title “Perspective ’25,” 250 participants gathered to develop a clear vision for the recovery. Crucial topics such as reducing bureaucracy, labor shortages and high energy costs were discussed with high-profile guests, including Wifo boss Gabriel Felbermayr. How LEADERSNET.tv reported, Felbermayr asked the urgent question of how the current challenges can be overcome and the recession overcome.
Economic challenges in focus
Gabriel Felbermayr, who has been director of the Austrian Institute for Economic Research (WIFO) since October 1, 2021, emphasized that Austria, despite its position among the 20 richest countries in the world, urgently needs to implement measures to strengthen growth. The majority of economists see the disproportionately high bureaucratic hurdles and confusing jungle of funding as barriers to investment and innovation. UBIT-NÖ chairman Mathias Past made a similar statement, emphasizing optimistically that a future-oriented perspective is necessary to support companies in their transformation.
Felbermayr warned that “weak growth is not fate, but the result of political and economic conditions.” He therefore called for a fundamental reform of the labor market to combat the prevailing labor shortage. According to Felbermayr, incentives for full-time employment must be created and non-wage labor costs must be reduced. In addition, an effective policy to combat high energy costs is necessary, which should also entail deregulation, as he explained. Because of his extensive experience in economic policy and various academic positions, Felbermayr has developed a deep understanding of the challenges of the domestic economy, as well as in the WIFO described career can be seen.