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South Tyrol: Economic outlook 2024 - Cautious optimism
Employees in South Tyrol remain cautiously optimistic, despite a wait-and-see attitude. Find out more about the current economic outlook and forecasts for 2024. #South Tyrol #Economic Outlook
South Tyrol: Economic outlook 2024 - Cautious optimism
Despite a slight positive trend, the mood among employees in South Tyrol in spring 2024 will be subdued compared to the previous year. According to AFI director Stefan Perini, there is currently a wait-and-see attitude, with the economy's core indicators such as employment, unemployment, inflation and tourist overnight stays being solid, with the exception of the banking system, which is recording a decline in the volume of loans granted.
International events such as the EU and US elections as well as geopolitical tensions will have a significant impact on economic development in 2024. The IMF forecasts moderate growth rates for the euro area, Germany, Austria and Italy. Increasing international tensions and crises such as the Ukraine conflict and the Middle East conflict are clouding the economic outlook.
The balance sheet for 2023 in South Tyrol shows overall satisfactory results with an increase in the number of employees, a low unemployment rate, and positive developments in foreign trade and the tourism sector. Inflation recorded a rapid decline, while investments fell and loan volumes fell.
The forecast for 2024 envisages low GDP growth of +0.5 percent for the economy in South Tyrol. This is due to the weak international environment and the challenges in Germany and Italy. Rising prices while wages remain the same are putting financial strain on workers, prompting calls for fair wages and better working conditions. State Councilor Magdalena Amhof emphasizes the importance of good working conditions for the success of companies and the competition for skilled workers.