AUSTRIA: MEANS TO COMBAT SHORTAGE OF WORKFORCE

Article Abstract:

Wirtschaftskammer predicts that by 2005 165,000 job vacancies will have to be filled in Austria, provided that the economic growth rate is around 2.5%. The requirement of workfore in 2005 is estimated at 3.57mn. Wifo, the Austrian Institute for Economic Forecasting, estimates that if 1% of the jobs remain vacant, this will curb the country's economic growth by between 1 and 2%-points. According to Wifo, 60,000 unemployed people could be trained to become available for the job market. Another 40,000 vacancies could be filled by raising retirement age. Women constitute another reserve of about 30,000 workers. The remaining 35,000 manpower could be provided through immigration.

Other staff changes & profiles

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AUSTRIA: CENTRAL BANK SEES STRONGER GROWTH

Article Abstract:

Austria's central bank, Oesterreichische Nationalbank, predicts the country's gross domestic product to grow 2% in 1999 and 2.8% in 2000 and 2001. While domestic demand remains strong, export demand is picking up. OeNB predicts employment to increase 0.9% in 1999, 0.8% in 2000 and 0.7% in 2001. By then the country's unemployment rate should fall to 4%. Meanwhile 54% of 500 economic opinion leaders (managers, professors, journalists) interviewed by the Linz-based market research institute Imas in November 1999 expect the economy to grow in the next 1-2 years. 9% expect decline and 37% no change.

Gross National Product, Brief Article

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