2023-06-27 08:08:26
The Productivity Council was launched in May last year and presented its first annual report on Tuesday. The advisory body of the federal government presents 47 recommendations. The 19-strong advisory board is urging the government to take rapid measures for the ecological and digital transformation of the economy to strengthen Austria’s competitiveness. The many crises have revealed structural problems.
According to the Chairman of the Productivity Council, Christoph Badelt, the Austrian economy has successfully overcome the most recent crises. “However, structural problems have also come to light that must now be tackled with determination.” The Productivity Council has drawn up an extensive catalog of reforms and will follow its implementation closely in the coming years. Otherwise there is a risk that the climate targets will not be met. The education system should be freed from well-known weaknesses such as its social selectivity.
In the longer term, the Advisory Board sees slower productivity growth. Until the start of the COVID-19 pandemic, more working hours in particular led to higher economic growth in Austria. This factor is becoming less important because there are fewer additional workers and the population is aging. Instead, investments, innovations, technological advances and improving the skills and abilities of the population (human capital) would become increasingly important for economic growth.
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