Macro - Country Economic Forecasts - Austria
Geopolitical tensions, in tandem with worsening inflation following sanctions on Russia, have clouded Austria's outlook. Supply chain disruptions were just beginning to recover prior to the Russian invasion of Ukraine, but headwinds are now intensifying. We expect geopolitics to impact trade, with the direct hit from Austria's trade with Russia and Ukraine amplified by strained European value chains and the effects of sanctions. The surge in energy and food prices will drag on household real income, thus tempering private consumption. As a result, we now expect GDP to grow 2.4% in 2022, down from 2.7% growth projected last month.
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