2023-10-06 09:14:24
Forecast shows recession in industry and the overall economy – ‘toxic mix’ causes bad climate – targeted investment bonus necessary for upswing in 2024
Vienna (OTS) – “We are confronted with a rapidly progressing deterioration in the economic outlook, not only in industry but also in the economy as a whole. This is also confirmed by today’s Wifo/IHS forecast with a decline in real GDP of 0.8%,” says Christoph Neumayer, Secretary General of the Industrial Association (IV) and continues: “The recession is hitting us faster than expected: actually it would be following Covid would have been a longer upswing. We are in an extraordinary situation, the mix of international and national influencing factors is depressing the mood in the economy.”
“Due to the current challenging economic situation, there is an observable tendency among companies to be reluctant to invest. “Ideological debates regarding new taxes, the reduction of working hours, so-called “excess profits”, a threat of disproportionate wage increases or even the rejection of new trade agreements also create a climate that delays or even prevents domestic and foreign investments,” adds Neumayer. In order to counteract the current development and stimulate an upswing for 2024, investment-promoting measures are urgently needed. “The economic downturn might be overcome more quickly through a new edition of the already proven investment bonus model, albeit in a more focused manner. With this recipe for success, in which every euro donated publicly generates ten euros in private investments, targeted growth impulses might ensure an economic improvement in spring 2024,” concluded Neumayer.
Questions & Contact:
Industrial Association
Marlena Mayer
Press spokesperson
+43 (1) 711 35-2315
marlena.mayer@iv.at
1696583844
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