Austria's difficult economic situation: financial experts urge caution

Austria's difficult economic situation: financial experts urge caution

According to a report by orf.at, IV President Knill fears a “challenging, difficult situation” in Austria. He criticizes the high sales of 8.6 percent for metal workers and warns of losses in many companies. Global economic forecasts are for growth of three percent, while Europe is expected to have no economic growth. Austria is expected to experience a manufacturing deficit of three percent, which endangers competitiveness, prosperity and social security.

Knill also expresses concerns about Austrian industry's direct competition with countries such as China and India, as well as pressure from the European Green Deal and supply chain law. The transition to a greener industry is hampered by lengthy environmental sustainability processes, which threatens the future viability of the industry.

The impact of this situation could result in a reduction in economic growth, an increase in corporate losses, a deterioration in competitiveness and a shift in investments in green technologies. Politicians are called upon to take targeted measures to support the industry and strengthen competitiveness.

It remains to be seen how the government will respond to these challenges and whether the proposed measures are sufficient to protect Austrian industry.