OECD Economic Surveys: Austria 2024

Name: OECD Economic Surveys: Austria 2024
Brand: OECD
SKU: 9789264342002
Price: 4045.0 INR
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ISBN13: 9789264342002
Binding: Paperback
Subject: N/A
Publisher: OECD
Publisher Imprint: OECD
Publication Date: November 5, 2024
Pages: 142
Original Price: GBP 36.14
Language: English
Edition: N/A
Item Weight: 336 grams
BISAC Subject(s): Public Policy / Economic Policy

About The Book

Austria's economy performed well over the past two decades. The country's GDP per capita ranks among the highest in the OECD. Income inequalities are relatively low thanks to high redistribution through public transfers, which contributes to a relative poverty rate well below many other OECD countries. The domestic production of energy has a low carbon content largely due to significant hydropower resources. The economy is set to recover from a recession in 2023, but it will do so only slowly and remains fragile. The inflation shock in the wake of Russia's war of aggression against Ukraine is taking time to subside. Public debt has increased substantially, while the public deficit remains close to 3%. Greater capacity of the economy to adapt to future shocks and address structural challenges is needed. Sound public finances and low government debt provide fiscal space and strengthen a country's resilience against short- and long-term shocks. Pension system reforms and efficiency measures in health care can help to mitigate long-term fiscal pressures. Public revenues need to be more friendly to sustainable and inclusive growth by shifting away from high levies on labour towards less growth-distortive taxes. Easing regulation, including strict entry requirements for certain professional services will help efficient allocation of resources towards promising activities and firms. Reducing the gap in skills for disadvantaged students and improving the integration of immigrants will be essential to provide equal access to the labour market. Achieving net zero emissions by 2040 will require a clear and comprehensive strategy including higher and more harmonised carbon prices. High exposure to future climate risks, in particular floods, needs to be addressed, and insurance coverage against natural disasters should be expanded.

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