The worst of the economic crisis is over but overall growth is still weak, European Central Bank Governing Council member Ewald Nowotny told Austrian newspaper Die Presse.
Nowotny, who heads Austria's central bank, said the problems have been shifted to the real economy, unemployment is rising and there is a danger of an increase in company credit defaults.
He said the economy may take another two to three years to log positive growth rates.
On Friday, the Austria Institute of Economic Research said the Austrian economy expanded 0.4% sequentially in the fourth quarter, in line with the initial estimate released on February 12. Economic growth eased slightly from the prior quarter's 0.5% increase.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.