For Austria’s export industry, the economic research institute (Wifo) expects exports to decline by twelve to 22 percent, in the worst case even by up to 28 percent. Austria will also lose market share, according to the Wifo economists.
Wifo also bases its calculations on the experience of the 2008/09 financial market crisis. Accordingly, it can be expected that global trade in goods will decline three to four times as much as general economic output. In pessimistic scenarios, this means a decrease of 15 to 30 percent.
After the financial market crisis, world trade could never follow the previous trend again and had already developed weakly in 2019 due to the trade conflicts and the declining investment activity worldwide, according to Wifo.
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