In 2029, unemployment will be lower than today – for these reasons – the press.com
Austria does not want to start. Nevertheless, unemployment should decrease properly by the end of the decade. For reasons that harm the economy, but use the labor market statistics.
Austria’s economy is in a Jammertal and there is no light in sight. Until recently, the economic researchers had assumed that after two years in recession, growth will return this year. Nothing will become of this: According to the updated forecast, Austria will bloom the third year in recession this year. The gross domestic product is likely to shrink by 0.3 percent in 2025. This also means that companies are released – or hire fewer new employees than they would be in a good economy.
Nevertheless, the job market is not impressed by this. The unemployment number increases: in April by 8.4 percent compared to April 2024. However, this is moderate in relation to the sluggish economic development. The unemployment rate, which rely on the number of unemployed people in relation to the potential for workers (unemployed plus employees), recently increased by 0.5 percentage points.
The development is similar in the long run. « Despite the weak economic development in the next five years, the Austrian labor market will remain relatively stable, » says a forecast of the Synthesis Research Institute, which is available to the « press ». The institute regularly carries out surveys for the labor market service (AMS). This year, the unemployment rate as a result of the paralyzing economy is likely to increase slightly to 7.4 percent. By 2029, however, it is expected to go back to 6.9 percent.
Why is that?
