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The crisis comes to the globalised world
2009 saw the most severe recession in the global economy for 60 years. While the economic downturn mostly affected the USA in the beginning, it spread to other industrialised nations and most emerging economies thereafter.
While in the second half of 2009, a number of indicators pointed to a recovery in the global economy, the problems in the international financial system have yet to be overcome. Thus a correction to the overall economic distortions seem to need more time.
Austria was unable to avoid the impact of the global recession. Austria’s economic output is estimated to have dropped by 3.4% (Austrian Institute of Economic Research, WIFO) to 3.7% (Institute for Higher Studies, IHS) in 2009.
