{
  "title": "Austria: Staff Report for the 2014 Article IV Consultation",
  "publication": "IMF Staff Country Reports, September 15, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/austria-staff-report-for-the-2014-article-iv-consultation-41904",
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  "summary": "KEY ISSUES Context: Austria did not experience a severe boom-bust cycle and came through the crisis relatively well. The main impact was on the banking sector and public debt.",
  "sections": [
    {
      "heading": "Context",
      "content": "- Austria did not experience a severe boom-bust cycle and came through the crisis relatively well.\n- The main impact of the crisis was on the banking sector and public debt.\n- With cyclical slack low and the recovery taking hold, this is the time to resolve crisis legacies and address long-standing structural issues."
    },
    {
      "heading": "Outlook and risks",
      "content": "- The recovery is taking hold, driven by a pick-up in exports.\n- The most acute risks are mainly geopolitical and could in particular lead to financial spillovers."
    },
    {
      "heading": "Financial sector policies (findings and recommendations)",
      "content": "- Bank restructuring should now be rapidly completed and bad asset disposal accelerated.\n- Large internationally active banks should stand ready for further capital increases.\n- The EU banking union framework needs to be swiftly transposed at the national level."
    },
    {
      "heading": "Public expenditure reforms (findings and recommendations)",
      "content": "- More decisive expenditure reforms in key areas such as pensions, health care, subsidies, and fiscal federalism would generate savings.\n- Savings could be used for both an accelerated debt reduction and lower labor taxation."
    },
    {
      "heading": "Boosting potential output growth (findings and recommendations)",
      "content": "- Enhancing IT adaptation.\n- Improving the performance of the education system.\n- Facilitating access to financing for innovative start-ups.\n- Reducing administrative barriers for new businesses.\n- These measures would raise potential growth and labor productivity.\n\nSource: Austria: Staff Report for the 2014 Article IV Consultation (September 15, 2014).\n\n---\n\n Content in this bundle\n\n- cr14278\n  - cr14278 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr14278 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 15, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498333726.002",
    "Austria did not experience a severe boom-bust cycle and came through the crisis relatively well.",
    "The main impact of the crisis was on the banking sector and public debt.",
    "With cyclical slack low and the recovery taking hold, this is the time to resolve crisis legacies and address long-standing structural issues.",
    "The recovery is taking hold, driven by a pick-up in exports.",
    "The most acute risks are mainly geopolitical and could in particular lead to financial spillovers.",
    "Bank restructuring should now be rapidly completed and bad asset disposal accelerated.",
    "Large internationally active banks should stand ready for further capital increases.",
    "The EU banking union framework needs to be swiftly transposed at the national level.",
    "More decisive expenditure reforms in key areas such as pensions, health care, subsidies, and fiscal federalism would generate savings.",
    "Savings could be used for both an accelerated debt reduction and lower labor taxation.",
    "Enhancing IT adaptation.",
    "Improving the performance of the education system.",
    "Facilitating access to financing for innovative start-ups.",
    "Reducing administrative barriers for new businesses.",
    "These measures would raise potential growth and labor productivity.",
    "**_cr14278**"
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