At the beginning of July the Organization for Economic Cooperation and Development (OECD) published its individual country report on Austria (“Economic Survey Austria 2013“) which generally appears every two years.
The report attests that the Austrian economy continues to show remarkable economic performances whereas at the same time a high level of social cooperation remains. This strength is based on three cornerstones:
- A successful competitive export-oriented economy with companies who have understood how to exploit the advantages of European integration in past decades for the benefit of employees, shareholders and also the public treasury.
- Highly qualified and motivated employees, in which case generally good data is reported on the labor market as well as a low level of unemployment and especially low youth unemployment.
- Social partners who assume responsibility by also developing reform proposals for the government above and beyond the traditional negotiations on wages and working conditions as well as social insurance services.
With respect to its budgetary and financial policy, the pressure remains on the public deficit, according to the OECD. Accordingly, the OECD recommends that the country continues its budgetary consolidation efforts. A preview of the report can be downloaded here.