## Austria: Staff Report for the 2003 Article IV Consultation

_IMF Staff Country Reports, November 26, 2003_

## Source details

**Canonical URL:** [Austria: Staff Report for the 2003 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/30/austria-staff-report-for-the-2003-article-iv-consultation-17051)

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## Bibliographic details
- Published: November 26, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451802290.002

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### Executive findings
- The Austrian economy performed well, but long-term problems were unaddressed.
- Austria has weathered the slump well.
- The government's economic policy priorities and recent achievements have been commendable.
- Tax reform will help improve the economy's long-term growth potential.
- Successful reform of inter-governmental fiscal relations is key to achieving the medium-term fiscal objectives.
- The recent pension reform will ensure long-term sustainability of the pension system.
- The creation of the financial market authority has strengthened financial supervision but continued vigilance is required.
- The government's structural reform agenda is appropriate.

### Key themes and analysis
- Growth and cyclical performance
  - Austria performed well through the recent slump; headline assessment emphasizes resilience.
- Fiscal policy and inter-governmental relations
  - Reform of inter-governmental fiscal relations is identified as central to meeting medium-term fiscal objectives.
- Tax and structural reforms
  - Tax reform is expected to improve long-term growth potential.
  - The government's broader structural reform agenda is judged appropriate.
- Pension system sustainability
  - Recent pension reform is judged sufficient to ensure long-term sustainability of the pension system.
- Financial sector oversight
  - Creation of the financial market authority has strengthened supervision; ongoing vigilance is recommended.

### Policy recommendations
- Continue implementation of tax reform to support long-term growth.
- Pursue successful reform of inter-governmental fiscal relations to achieve medium-term fiscal objectives.
- Maintain vigilance in financial supervision despite the strengthened institutional framework from the financial market authority.
- Progress with structural reforms consistent with the government's agenda to address remaining long-term problems.

*Austria: Staff Report for the 2003 Article IV Consultation — November 26, 2003*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/austria-staff-report-for-the-2003-article-iv-consultation-17051_