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International Monetary Fund. European Dept.
The economy showed resilience through the pandemic, but the war in Ukraine has clouded the outlook, heightened uncertainty, and increased downside risks. With policy support, growth rebounded in 2021 despite the lingering COVID-19 crisis and protracted political uncertainty that hampered investment. Inflation accelerated significantly, pushed by global factors and strong domestic consumption. GDP growth is projected to slow below 3 percent and average inflation to exceed 12 percent in 2022. In this context, policies must navigate difficult trade-offs as they need to support activity, meet needs from the war, and contain inflation, while raising living standards, reducing inequalities, and supporting the green transition.
Mr. Christian Thimann and Mr. Manfred Koch
Austria has probably the world’s highest pension expenditures relative to its economic size, largely because of the generosity of its pension system. This paper examines the institutional setup of the Austrian pension system and projects its future development based on current policies. The projection results show a swift financial worsening. With the already high level of contribution rates, pension expenditures, and budget transfers, the results underscore the need for reform. Much of this reform can, however, be achieved by maintaining the structure of the system and adjusting some of its key parameters. The paper outlines options for such a reform.
Mr. Christian Thimann and Mr. Manfred Koch

adjusting key parameters of the system—such as benefit accrual, pension calculation, and annual adjustment; and steps that could be guidelines for further reforms in the medium term—such as increasing the transparency of the system and strengthening the saving function while reducing insurance provisions and hidden redistributory elements.

International Monetary Fund. European Dept.

excise rate cuts are untargeted and regressive. Other measures, such as the additional support to families with children and pensioners are also insufficiently targeted. The average pension would increase by about a third between June 2022 and October 2022 owing to: (i) a greater increase than in the initial budget, (ii) the permanent incorporation in the pensions of the bonuses that were initially introduced as a temporary response to the pandemic, and (iii) changes in pension calculation. While these measures will improve the adequacy of pensions, their long

International Monetary Fund

. Education and Poverty Status, 1998 16. Poverty and the Labor Market 17. Support Ratios, 1996 18. Pension Indicators for Selected BRO Countries, 1997–99 19. K-Coefficient for Pension Calculations 20. Summary of Social Fund Budget, 1994–2000 21. Income Indicators, 1999 22. Pension Categories, 1999 23. Indicators of the Banking System’s Financial Strength 24. Developments in the Banking Sector, 1999–2000 25. External Debt Service, 2000–2010 Figures 1. Real Effective Exchange Rate, January 1995–March 2000 2. Real Effective Exchange Rate, 1995