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15. 03. 10. - 14:00

OeNB governor sees 2010 as third year of crisis

Austrian National Bank (OeNB) Governor Ewald Nowotny said yesterday (Sun) that 2010 would be "a third year of economic crisis" rather than the first year of economic recovery.

Although predicting that Austria would have economic growth of 1.5 per cent this year, he warned that the world economy had still not recovered from recession.

Speaking on ORF programme "Pressestunde", he also cautioned that the Austrian economy might temporarily slow towards the end of the year.

Nowotny said the speed of eventual recovery in Austria would depend a great deal on exports, which had increased significantly in the fourth quarter of 2009.

"The number of firms’ orders, which had sunk by 30 per cent at the height of the crisis, has recovered by 50 per cent," he said, adding that he had been pleasantly surprised by growth in foreign orders.

Consumer demand, however, would stagnate and unemployment would increase at least in the first half of 2010, he added.

The governor said he doubted that expected tax increases aimed at reducing the budget deficit would affect recovery very much.

The best stimulus for the EU’s economy, he added, would be depreciation of the "over-valued Euro."

Austrian Times

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