EU: EU not in danger of recession?
Article Abstract:
Austrian tax will reach a record 45.6% of the gross national product in 2001, due to the additional sum of Sch 50bn being needed for the consolidation of the budget. This is a deviation from the Austrian stability programme. The achievement of the zero-deficit, announced by the minister of finance, may be achieved. According to the European Union (EU), there will be a budget reduction of 0.2% in the gross national product, which may fall further to 0.4% by 2002. The public budget of the countries in the EU have suffered a deficit of 1.1% compared to their added value. Unemployment looks set to rise in the EU to 8% in 2002 from 7.7% in 2001, which is the equivalent of an additional 500,000 unemployed people. In Austria an increase in the level of unemployment from 3.9% to 4.3% looks likely. According to a EU representative, Pedro Solbes, these levels are due to the restructuring of the economy. However, he does not believe that the EU is in danger of a recession. Subject to there not being any more international disasters, such as on 11 September 2001 and the oil prices remaining low, Solbes believes that, after a down turn in the fourth quarter of 2001, there will be an economic upturn in the first three months of 2002. The economic uncertainty, was accentuated by 11 September 2001, but other factors, such the slowing of the communications and information technology industry have affected many countries.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
Austria: Change in testing for BSE
Article Abstract:
Austria, along with Sweden and Finland, has been given permission by the EU to stop testing all slaughtered cattle over 30 months old for BSE and instead to introduce random testing, which will be cheaper. However, according to ministry for health spokesman Gerald Grosz, the national parliament must first devise a system that will ensure that the tests cover all of the country, and the cooperation between the provincial and federal governments must be assured.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
User Contributions:
Comment about this article or add new information about this topic: