The Austrian Institute of Economic Research (WIFO) said that it expects the country’s economy to stagnate next year amid the ongoing energy crisis and the global economic downturn.
Austria’s gross domestic product (GDP) is projected to grow by only 0.3 per cent in 2023, Xinhua news agency quoted the WIFO as saying in a report.
The institute said that Austria’s economy is expected to “decline noticeably” this winter as “persistently high energy prices, strong price dynamics and uncertainty about future developments are depressing sentiment”.
Although Austria’s economic outlook is expected to pick up from the spring of 2023 as uncertainty recedes and the energy crisis gradually eases, the country will fail to register significant economic growth next year, according to WIFO.
