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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.