New study: Recovery of the Austrian economy following the COVID-19 crisis can take up to three years
The study was conducted by Jesus Crespo Cuaresma (IIASA, the Vienna University of Economics and Business (WU), and the Austrian Institute of Economic Research (WIFO)); Sebastian Poledna and Elena Rovenskaya (IIASA); Serguei Kaniovski (WIFO); and Michael Miess (the Institute for Advanced Studies (IHS), IIASA, and WU).
Collaboration between researchers from IIASA, WU, WIFO, and the IHS provides scenarios of the medium-run economic effects of the lockdown in Austria using the IIASA macroeconomic simulation model.
The projections suggest that the ongoing COVID-19 crisis will have serious effects on all economic sectors in Austria, calling for government intervention for broad segments of the Austrian economy. Workers in precarious employment positions are dominant in some of the sectors most directly affected by the downturn (e.g., tourism and the food service industry) and are expected to be hit the hardest by the effects of the crisis. To secure the strength and cohesion of Austrian society, also after this crisis, identifying and explicitly targeting interventions to the most strongly affected groups and businesses appears to be a necessary government response to complement the current policy efforts.
Read more here:
WU Press Release (German)
Policy Brief (IIASA - International Institute for Applied Systems Analysis)
Coronakrise Ende der Globalisierung? (Interview with Jesús Crespo Cuaresma in Puls24, May 26 2020)