Austria Sees Third Year of Recession Requiring More Budget Cuts
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Forecasts indicating a third year of economic contraction may force Austria’s new government to find additional budget consolidation measures, according to its new finance minister.
“We need to assume that the next forecast will be negative, and that will have an impact on tax revenues and the budget balance,” Markus Marterbauer said before a meeting with his European Union peers in Brussels on Tuesday. “The government has agreed to assess the situation based on the new forecasts.”