According to the spring forecast, domestic gross domestic product (GDP) will fall by 5.5 percent this year, but will grow again by 5 percent in 2021. A record decline of 7.7 percent is expected for the euro zone in 2020 and an increase of 6.3 percent in the next year. Austria’s economy is therefore relatively good compared to that of other EU countries. The reason for this may be the rapid start-up of the economy after a rapid decline in infections. In the winter forecast in February, the EU Commission still expected economic output to grow by 1.3 percent in Austria and by 1.2 percent in the Eurozone.
Greece, Spain, Croatia and France particularly affected
The economic downturn in the European Union (EU) is expected to be particularly strong this year in already economically troubled Greece (-9.7 percent), Spain (-9.4 percent), Croatia (-9.1 percent) and France (-8, 2 percent), the EU Commission said on Wednesday. “Europe has been experiencing an unprecedented economic shock since the Great Depression. Both the depth of the recession and the strength of the recovery will be uneven due to the speed with which the barriers can be lifted,” said EU Economic Commissioner Paolo Gentiloni.
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