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Austrian economic forecast and new regulations in 2022
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2022-01-06 09:36
Austrian economic forecast and new regulations in 2022
Austria's economy is forecast to grow by 4.6% in 2022 and by 2.3% in 2023, according to a research report by the Organisation for Economic Co-operation and Development (OECD).
Factors hindering Austria's economic growth prospects include a professional manpower shortage and raw material shortages leading to continual increases in manufacturing costs, as well as the worsening COVID-19 pandemic situation and resulting lockdowns, according to the report.
Austria has implemented a new regulation stipulating that all citizens over 14 years of age are obliged to be vaccinated against COVID-19 from Feb. 1, 2022. Those who fail to comply will be fined up to 3,600 euros. The regulation is in force for two years. Pregnant women and individuals with a doctor's certificate stating it is inadvisable for them to receive vaccination are exempt from the new requirement.
In order to lower the rate of long-term unemployed and boost workforce numbers, Austria's Ministry of Labor has launched a special financial budget plan beginning from March to promote employment through a rapid job matching platform.
Austria has also made adjustments to its personal income tax system effective from the start of this year. For example, the tax rate on incomes between 18,000 and 31,000 euros has been reduced to 30% from 35%, the number of income level categories and corresponding tax rates has been increased, and the tax exemption per dependent child has been increased from 1,500 euros to 2,000 euros.

Sources: Tiroler Tageszeitung; Kurier
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Update: 2020-04-23
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