Austria’s economic recovery could take far longer than was original anticipated, warn economists from the Vienna University of Economics, the IHS and the Wifo Institute of Economics. A joint study concluded that making up the expect 6 percent fall in GDP in 2020 could take three years. The 6-percent decline is being projected if the current downturn continues until mid-June. The study found that while Austria has a solid high-tech manufacturing base and a strong services sector, it will take time to restart investments, re-employ the workforce and get consumers spending again. Despite the possibility of part-time work, experts expect unemployment rate to rise to as much as 12 percent.
